Property Tax For 2023-24 Revised Further By MCC: This Will Reduce Burden on Tax Payers

Property Tax For 2023-24 Revised Further By MCC: This Will Reduce Burden on Tax Payers

Mangalore City Mayor Jayananda Anchan that the MCC has further revised the property tax for the assessment year 2023-24 to reduce burden on the tax payers by rationalising the tax structure. The civic body earlier this year revised the tax applicable for 2023-24 by 0.75% of the capital value of the property, by keeping it (0.75%) as a standard rate of revision for all properties. This resulted in an increase of over 30% hike in the tax payable by some property owners.

The tax has been revised for the residential and non-commercial properties in the range of 0.2% to 1.5% of the capital value of the property, scientifically, as allowed by the guidelines. The latest revision was incorporated in the online software with effect from March 21, 2023. Hence those who have been paying the tax for 2023-24 from March 21 onwards have been getting the benefit of the revision.

Before incorporating the latest revision, owners of 32,407 properties had paid the advance tax for 2023-24. The tax thus collected stood at ₹17.25 crore. The corporation will pass on the benefit of latest revision to those tax payers while paying the tax for 2024-25. The excess amount paid by them will be readjusted in the tax for 2024-25. Those tax payers will be informed about the revision through SMS.
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