Thane Municipal Corporation mulling over 10% hike in property tax

Thane Municipal Corporation

While presenting the annual budget of the civic body to the Standing Committee, The Municipal commissioner of Thane Sanjeev Jaiswal has proposed a hike of 10% in property taxes, both residential and commercial.

The Rs 2549.82 crore budget for 2016-17 already includes Rs 230.10 crore surplus carried forward from the previous year.  Jaiswal said there has not been any increase in the property tax since long, adding that “If this hike is approved, it will help the Thane Municipal Corporation (TMC) to earn additional Rs 31 crore. The hike in the property tax is proposed from current 26 to 36 per cent for residential purpose to 48.50 per cent for non-residential purpose from the present 38.50 per cent.

In The meeting chaired by TMC standing committee chairman Naresh Mhaske, it was communicated that the civic body is expected to garner Rs 700 crore from Local Body Tax, Rs 456 crore from property tax, fees, and government taxes, Rs 515 crore from development fees, Rs 150 crore from water cess, Rs 180 crore from grants from Maharashtra and Union governments.