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New Property Tax burden
 
Every housing society in Mumbai has received fat property tax bills with arrears for the past 3 years. Do you really have to pay so much? Property tax advocates and experts say that the Base Value being adopted by the Asst. Assessor & Collector from the Ready Reckoner itself is faulty. There are a catena of judgments including that of the Supreme Court which have held that the property rate given in the Ready Reckoner (which the Government of Maharashtra publishes every January) is only for the purposes of determining the stamp duty and does not reflect the true market value of the property in a given case.
 
The Ready Reckoner does not take into consideration various parameters of valuation such as physical, legal, social and economic factors to arrive at the fair market value of the property. It does not take into consideration various planning and design aspects, quality and materials used in construction, building regulations, conditions of money markets, estimated future life of the building, effect of outgoings to be paid for the property, title of the owner, unexpired period of lease, encumbrances in the property, surroundings of the property such as proximity to zopadpatti/ slums, frontage, allowance for joint ownership, effect of various Acts such as Urban Land Ceiling Act/ CRZ etc. It is a cardinal principle of valuation of property that likes should be compared with likes and to arrive at the correct value. Due allowance should be given for factors, which enhance or depress the value.
 
Speakers : Advocate Godfrey Pimenta and Mr Ashok Ravat
 
Saturday, 9 February 2013 from 3pm to 5pm
 
Venue: Moneylife Foundation
305, Hind Services Industries Premises,
Off. Veer Savarkar Marg, Shivaji Park, Dadar,
Mumbai 400028 T: 022- 49205000 Fax: 022-49205022
email us at [email protected]
 
About Speakers:

Adv Godfrey Pimenta is a practising lawyer, President of Sahar Citizens Forum, Trustee- The Watchdog, Core Member of Save Our Land -SOUL Team and an ardent Right to Information (RTI) activist.

 

Ashok Ravat, a qualified metallurgical engineer from UK in Systems and Operation Research is also a Trustee of WECOM. He is also Founder-Convenor of the Shivaji Park Advanced Locality Movement.

 
Please attend this seminar to learn how to lodge your protest. Each member of every housing society needs to file this separately. We are providing standard forms for how this should be done. Please attend to understand how to file your protest quickly.
 
Warm Regards,
 
Sucheta Dalal
Founder Trustree Moneylife Foundation
 
www.moneylife.in
www.mlfoundation.in
www.suchetadalal.com