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HomeLatestMumbai Property Tax Rates Held Steady for 2024-25

Mumbai Property Tax Rates Held Steady for 2024-25

The Brihanmumbai Municipal Corporation (BMC) has announced that it will keep property tax rates unchanged for the fiscal year 2024-25. This decision marks a continuation of the status quo, as the BMC has not adjusted property tax rates since the last revision in 2015-16.

The decision to maintain current tax rates reflects the BMC’s cautious approach in balancing revenue requirements with the economic pressures faced by residents. This move follows previous rejections of proposed hikes during the pandemic years of 2020-21 and 2022. The BMC’s revenue strategy, relying heavily on property tax, has seen substantial success despite the global economic uncertainties.

For the fiscal year 2023-24, the BMC surpassed its property tax revenue target of ₹4,500 crore, collecting ₹4,856 crore. This performance is particularly notable considering the initial budget had projected a more ambitious target of ₹6,000 crore. The substantial collection beyond the target underscores the BMC’s effective tax collection mechanisms and its ability to adapt to financial challenges. Currently, property tax assessments are based on the Stamp Duty Ready Reckoner rates, which have remained unchanged since the last revision. The BMC, which oversees property tax for over 900,000 properties, can adjust rates every five years.

With no elected corporators in office, any proposal for a rate increase would require state government approval. The BMC’s decision to forgo a rate hike this year and potentially next year, as per the five-year revision cycle, aims to mitigate the financial burden on citizens. The move is seen as a response to the ongoing economic impact of the pandemic, ensuring that residents are not subjected to consecutive years of tax increases.

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