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MVC likely to submit report on property tax rates by October 10

The committee initiated hearings on Friday and will continue with the exercise till September 22. So far, a majority of RWAs/market associations have raised objections over the recommended increase in unit area value and occupancy factors in all categories of colonies.

The municipal valuation committee (MVC) will submit its final report on property tax rates in Delhi to Municipal Corporation of Delhi (MCD) by October 10, said officials.

The committee initiated hearings on Friday and will continue with the exercise till September 22. So far, a majority of RWAs/market associations have raised objections over the recommended increase in unit area value and occupancy factors in all categories of colonies.

“The committee has received 21 objections in respect of the interim report of the fifth municipal valuation committee, which was released last month. We are inviting RWAs/market associations individually to hear their issues and will keep on entertaining applications received till September 22. After that, a report will be finalised and submitted to MCD that will take a final call regarding its implementation,” said an official.

The interim report was submitted in August. The report recommends an increase in three out of six factors used for calculating the annual value of a property, including base unit value of property, age factor and structure factor. “It recommended a 37% increase in unit area value in all categories of colonies citing no increase for 18 years and inflation as reasons,” said the official.

Unhappy with the interim report, traders from many markets have already submitted their objections. “If we deposit the property tax after self-assessment for a year then the department should assess the details in a time-bound manner to avoid confusion,” said a trader from Loha Mandi during the hearing held on Friday.

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