Mumbai property owners will not face a tax hike this year as the BMC maintains current rates. This decision reflects the civic body's sensitivity to the financial burden on citizens, especially considering the economic impact of the pandemic.
Mumbai Property TaxBmcProperty Tax RatesMunicipal GovernancePandemic ImpactReal Estate MumbaiAug 11, 2024
The BMC has decided not to revise property tax rates for 2024-25 to avoid burdening citizens with a tax hike, especially considering the economic impact of the pandemic.
The BMC calculates property tax based on the Stamp Duty Ready Reckoner rates, which establish the property's base value.
Property tax is the BMC's biggest source of revenue.
The BMC collected INR 4,856 crore in property tax in 2023-24, surpassing its target of INR 4,500 crore.
The BMC rejected proposed property tax hikes in 2020-21 and 2022 due to the pandemic and other factors.
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