KOLKATA: NDITA has submitted its final proposal to the state regarding the implementation of the unit area assessment (UAA) system for property tax collection in Sector V.
This draft proposal from NDITA outlines that the property tax for each holding will be calculated by multiplying its annual valuation by the applicable tax percentage set by the government, ensuring that no property tax exceeds 30% of the annual value of land and buildings in the region.
An NDITA official shared, “Several modifications have been incorporated into the draft, which has been approved by the valuation board. The completed proposal is now with the Urban Development & Municipal Affairs Department for final approval and notification. We anticipate that the UAA system will be operational in Sector V by the next financial year. This will make property tax assessment and collection more systematic, allowing establishments to self-assess and pay their taxes.”
Currently, properties in Sector V are taxed based on a rental value calculation methodology. “There are approximately 1,200 holdings in Sector V, and NDITA typically collects between Rs 60 crore and Rs 70 crore in property taxes annually,” the official added.
