Mumbai: BMC Repeals Proposed 14 Per Cent Property Tax Hike
Mumbai, 23rd June 2021: Recently, Brihanmumbai Municipal Corporation (BMC) had proposed a property tax hike. However, all party objections towards the tax hike made the administration repeal it. The decision to repeal has brought Mumbaikars great relief.
The Standing Committee has rejected the property tax proposal. All parties unanimously rejected the administration’s proposal to increase property taxes. The role of all parties was not to impose a property tax on Mumbaikars because of the Covid crisis and lockdown period.
The corporation administration had proposed in the standing committee to implement the revised tax as per the ‘Ready Reckoner’ rate of 2021. This was likely to lead to a 14 per cent increase in property taxes. However, the Standing Committee has rejected the proposal. There is a provision in the Municipal Corporation Act to revise the property tax rate every five years. Accordingly, this improvement was expected in 2020.
However, due to Covid19, the state government had postponed the hike. The administration had decided in April 2021 to levy property tax at the rate of ready reckoner as the property tax is dependent on the rate of ready reckoner.