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 While the BMC may give you concessions if you do pay on time, things can get bad if you are a defaulter. The BMC issues a demand notice to the owner of the property. Now if you do still tend to ignore the summon then a warrant is issued and the property will be sealed. Therefore, please do act before you are forced to arrive at such a situation.
Now it may so happen that you may be interested in transferring the property you own to your son or your heir. In this case, while, you do the legal transfers through the courts you will also have to inform the BMC in writing. Otherwise, the tax receipts will still be generated in your name and you will be liable to pay taxes.
If you happen to construct a new building in the city of Mumbai, you must make sure that you obtain all the necessary clearance from the BMC. Do not even think of adding more floors to your building than sanctioned by the corporation as they may term it illegal. Owning an illegal building can create a big hole in your pocket, as the tax charged for it is double. The additional money, which is charged, is a penalty for not following the corporation guidelines.
There are times when you feel that you have been told to pay excess amount as property tax. Ascertaining the correct value of your tax is indeed a complicated matter as discussed earlier. Property taxes for Lokhanwada cannot be the same as of Chembur. Another big factor, which is taken into account, is the condition of your home. Do the floors of your home have marble or mosaic? These are small factors, which are taken into account when deciding the property tax. Therefore, if you do feel that you are being asked to pay more you can always consult property tax consultants for their advice. These professional people have a through knowledge about property tax structure in the city of Mumbai. They can make property tax appeals on your behalf. Further, they can represent you in a court of law regarding property tax related matters.
Paying property tax can be a costly matter in the city of Mumbai. Things can become even worse if properties are being valued at the capital value system. It will surely burn a hole in your pocket if you have to pay it at one go. Banks have come up with a unique idea of giving property tax loans. You can avail this and clear of your property tax. Now just like any other loan you can repay this money via installments. Thus, there is no reason for you to be a tax defaulter in the city of Mumbai. You must pay your taxes as it is being utilized for the up keeping of the infrastructure in the city of Mumbai.
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