Great news for property owners in Kolkata: You can now calculate your own property tax

Come April, the Kolkata Municipal Corporation (KMC) will reveal another unit-area based property tax administration for citizens taking a jump forward from the inspector raj. Under the new Unit Area Assessment (UAA) framework, a citizen can ascertain his own particular quarterly tax obligation in light of parameters officially made open by the KMC.

Municipal authorities expect the taxation rate on residents, as a rule, would be less in the new framework in light of the fact that the KMC has settled a much lower impose rate per square feet — 6% to 20% when current tax rates in the current framework range from 11% to 40%. This is pertinent for a citizen living in apartments in Kolkata that draw in the most astounding expense rate 40% under the current framework.

From April, property charge computations for the flat in Kolkata would be straightforward. KMC will settle the tax in view of the secured area of the flat owners and not on the allocated share of the totaled yearly estimation of the whole flat.

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The KMC will gather tax in the primary quarter equivalent to what the citizens have been paying under the current framework and change it later with the following bill, if the tax for a similar building/flat turns out to be lower than that in the current framework. "For example, a man paying Rs 1000 as quarterly assessment should pay the same in April. Presently if his assessment risk under the UAA is observed to be Rs 800, the surplus Rs 200 will be balanced with the bill in the following quarter in July," a KMC official said.

Estimation of property tax under the UAA, be that as it may, won't just be founded on the secured space the nationals claim. The yearly valuation of the space will rely on upon a few elements, including nearness to a street with width differing between 2.4 meters and more than 9 meters. Be that as it may, the KMC has made an exemption for slums, colonies and lodging plans for financially weaker areas going under these areas. KMC will charge an ostensible duty for this class regardless of their area.

Under the UAA, KMC has divided the city into six general classifications (A to F) in light of utilities and administrations accessible in that area. For example, a level at Fern Road will go under B/C class while a comparable level in Naktala will go under D/E classification. "We will dispatch an awareness drive before the switchover to UAA. It will bring down the taxation rate of the individual citizen and furthermore get more supports for KMC through expense legitimization," said leader Sovan Chatterjee.

This would indeed begin a new era in the history of real estate in Kolkata.