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NMMC came into existence w.e.f. 1/1/1992. From which date provisions of the Bombay Provincial Municipal Corporations Act, 1949 became applicable to this Corporation. As per provisions of section 127 read with section 129 of the BPMC Act, 1949 all lands & building in the area of Municipal Corporation are subject to levy municipal property taxes. Property tax is charged on the rateable value of the property. Accordingly in order to assess the properties to municipal property taxes a survey of all the properties was carried out and rateable value was fixed w.e.f.1/1/1992. For the sake of assessment NMMC area is dived into following categories :
Prior to formation of NMMC there was no municipal council in this area only there were grampanchayats. As such there was no property tax in the areas - CIDCO Plots, CIDCO Nodes,. Only there was house tax charged by the erstwhile gram panchayats at 1% of capital value of the properties in village as well as MIDC area. There was a tax holiday in CIDCO developed nodes. Only they were paying Service Charges to CIDCO for specific services viz. water and sewerage.