Mumbai: Maharashtra Cabinet Announces Property Tax Freeze and NaMo Maha Job Fairs Ahead of Elections
Mumbai, 6th February 2024: With the elections drawing near, the Maharashtra cabinet has made a significant decision concerning property tax rates in Mumbai. Despite the customary increase in property tax rates every five years, the cabinet has opted to maintain the current tax levels for the ongoing fiscal year. This decision marks the fourth consecutive year without a property tax hike in the city.
The choice to refrain from raising property tax rates stems from the circumstances surrounding the COVID-19 outbreak in 2020, which prompted the Brihanmumbai Municipal Corporation (BMC) to defer any increases in tax rates. Since then, the rates have remained unchanged. Notably, property tax constitutes a substantial portion of the BMC’s revenue, with Rs 5,792 crore collected during the 2022-23 financial year, making it the second-largest revenue source for the civic body.
In alignment with this decision, municipal commissioner and state-appointed administrator Iqbal Singh Chahal reiterated during his recent budget speech that property tax rates will remain unchanged for the ongoing financial year.
Furthermore, with a focus on the upcoming elections, the state cabinet has approved the organization of NaMo Maha Job Fairs across four revenue divisions of the state: Chhatrapati Sambhajinagar, Nasik, Pune, and Konkan. The primary objective of these job fairs is to provide employment opportunities to the youth, with a target of achieving two lakh job placements in each fair. The cabinet has allocated approximately Rs 5 crore for the organization of each fair.
This initiative follows the success of the inaugural state-level job fair held in Nagpur in December 2023, coinciding with the winter session of the state legislature. Encouraged by the positive outcomes of the Nagpur fair, it has been decided to replicate similar events in each revenue division, thereby facilitating job opportunities and self-employment avenues for aspiring individuals across the state.
