Kochi: Municipal Government is implementing the new property tax system based on plinth area of the property. Under this new property tax system, Kochi Corporation has started issuing new building numbers. New building numbers and furnishing details of buildings will be the key measurement for the new property tax system.The process will be completed by the end of the month and further provisions of property tax will come into force immediately. The implementation of the new tax system was a time consuming as it included entering data of buildings provided by developers and builders. This entered data then has to be physically verified for the transparency of the system.Ratnamma Raju, Chairperson, Tax appeal committee, Kochi Corporation said that the zonal offices of the corporation are involved in the process of issuing new building numbers. Forms have been given to building owners to provide their building furnish details which will be then verified by the authority.The new property tax system will increase the tax collection of the revenue department by about 25 per cent. In the new tax system, property tax is calculated depending on the nature of the building, material used for flooring and available amenities such as roads. The local body predicted that more than 2.5 lakh buildings will be given new building numbers.In the preceding year, the corporation collected Rs 18 crore through property tax assessment. According to the new property tax system, residential buildings will have to pay 25-60 per cent extra as tax and commercial buildings will have to pay 25-150 per cent extra as a property tax.Corporation will take strong action against people who provide wrong information about their buildings. Notices will be issued to such defaulters and fine of Rs 50 will be charged per notice.займ на карту без отказов круглосуточновзять кредит онлайн