In the latest news, BMC is likely to revise the property tax norms for Mumbai residents. It is estimated that the residents may have to pay 12 to 18 percent more tax from April 1, 2022, in the upcoming financial year 2022-23. This hike revised by BMC was based on capital in 2015 and the next revision was expected in 2020. But due to pandemic, the city was hit and the state government decided not the increase the tax. In the last year’s budget, the BMC collected estimate revenue of Rs.7000 crore from property tax. In the past, the civic body waived property tax for up to 500 sq.ft. carpet area and the BMC lost an approx. of 462 crore in revenue. This year till March 23, 2022 the civic body has collected around Rs.4853 crores.
This year administration is opined to increase the property tax by 12-18 per cent as there is no other fixed-income source for the corporation. The BMC, as per Mumbai Municipal Corporation Act, 1888 will undertake the measures to hike the property tax including the capital value revision. The change in property tax will be implemented for the next three years starting from 2022-23.
