Following the government order for revision of property tax – not exceeding 50% for residential and rented properties and not exceeding 100% for commercial buildings – the Corporation started issuing self-declaration forms at the zonal and ward offices. This is for the property owner to declare the details of their property by August 31, which would then be reassessed to arrive at a new rate. 

A senior Corporation official said that eight lakh forms have been issued and three lakh forms have been submitted so far. The calculations would also factor in age rebate for the buildings. 

“The advantage of having their properties reassessed now is that the age of the building as mentioned in the self-declaration forms will be considered in the calculation of the revised rates, which will lead to a reduction in the property tax amount. This exercise is only carried out during a general revision and will be applicable only during this case,” said the official. 

The Corporation would rationalise and revise the property tax – which has not been done since 1998 –keeping in line with the norms. “Currently, different methods have been used to calculate property tax, especially in the extended areas, due to which some areas are paying exorbitant rates. After we collect the self-declaration forms, the new basic street rates will be fixed based on the guideline value of the property. The revision will include the monthly rental value, area of the building, annual rent value, depreciation for maintenance and other factors,” said the official. 

The revision based on the criteria is more than double the existing amount not exceeding 50% for residential and rented units and 100% for commercial establishments. The official added that the public need not panic over the revision, as there would be enough window to file an appeal, in case of any errors or discrepancies.