Property Tax:
The property tax for a Cooperative Housing Society (CHS) in Maharashtra is administered by the Brihanmumbai Municipal Corporation (BMC) in Mumbai and the respective municipal corporations in other parts of the state. The property tax is a local tax levied on the value of a property and is one of the primary sources of revenue for municipal corporations.
Here are the key points regarding BMC property tax for Cooperative Housing Societies in Maharashtra:
- Assessment of Property Value:
- The property tax is generally assessed based on the annual rateable value of the property. The rateable value is determined by factors such as the property's size, location, amenities, and other relevant parameters.
- Calculation of Property Tax:
- The property tax is calculated as a percentage of the rateable value. The percentage may vary based on the type of property and the location.
- Exemptions for Residential Properties:
- Cooperative Housing Societies that are purely residential in nature may be eligible for certain exemptions or concessions in property tax rates. It's advisable to check with the local municipal corporation or BMC for specific details.
- Self-Assessment and Payment:
- In some cases, property owners, including Cooperative Housing Societies, may be required to self-assess their property tax liability and make the payment to the municipal corporation within the specified deadlines.
- Penalties for Late Payment:
- Property owners, including housing societies, should pay attention to the due dates for property tax payments. Late payments may attract penalties or interest charges.
- Professional Help:
- Cooperative Housing Societies often seek the assistance of professionals, such as chartered accountants or property tax consultants, to ensure accurate assessment and timely payment of property taxes.
- Municipal Corporation Website:
- The municipal corporation, including BMC, usually provides information about property tax rates, payment procedures, and any exemptions on its official website. Housing society members can refer to the website for the latest updates and guidelines..
- Challenges and Disputes:
- If there are disputes or challenges regarding the property tax assessment, housing societies can approach the municipal corporation's property tax department for resolution.
If there are disputes or challenges regarding the property tax assessment, housing societies can approach the municipal corporation's property tax department for resolution