PUNE: Citizens who have purchased 'new properties' — those constructed after April 1, 2005 — will receive lower property tax bills in the current financial year.
Also, the excess amount they had paid towards property tax during the last two financial years — 2005-2006 and 2006-2007 — will be adjusted in the new bills.
In a significant move, the civic general body (GB) on Friday resolved to scale down the rate for calculating the annual rateable value (ARV) of new properties to Rs 2.25 per sq. ft. from Rs 2.60 per sq. ft.
Since property tax is collected as a percentage of the ARV, the reduction in rate is expected to result in a fall by up to 10 per cent in property tax for residential areas.
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