The West Bengal Assembly has recently passed the West Bengal Municipal Corporation (Amendment) and West Bengal Municipal (Amendment) Bills 2024, introducing a new property tax assessment system based on Unit Area Assessment (UAA). Under this system, if a property’s tax assessment remains unchanged for over five years, its annual value will automatically increase by 5% to 10% every five years until a new assessment list is finalized.
Property owners are now required to file self-assessment returns, either digitally or manually, as determined by their respective municipal corporations. The assessment will be based on a rate chart specified in the final scheme published by the West Bengal Valuation Board. Failure to submit self-assessment returns within the designated timeframe or intentional suppression of property details will be considered deliberate concealment of facts, attracting a penalty of 30% of the property tax.
Property owners are now required to file self-assessment returns, either digitally or manually, as determined by their respective municipal corporations. The assessment will be based on a rate chart specified in the final scheme published by the West Bengal Valuation Board. Failure to submit self-assessment returns within the designated timeframe or intentional suppression of property details will be considered deliberate concealment of facts, attracting a penalty of 30% of the property tax.
