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Mumbai: BMC’s property tax a sinking ship?
Updated On: 02 April, 2023 07:43 AM IST | Mumbai | A Correspondent
With state government yet to decide on 14 per cent hike in tax, collection for financial year hovers at around Rs 5,000 crore
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While the BMC has managed to collect Rs 5,575 crore as property tax in the financial year that ended on Friday, its share in the overall income of the civic body dropped significantly. Sources said that the BMC’s inability to revise the proposed property tax was a reason. “With the proposed 14 per cent hike, the property tax target was Rs 7,000 crore, but as no decision was taken, the revised estimate fell to Rs 4,800 crore. We were only able to collect 16 per cent more revenue due to consistent planning and execution,” said a BMC official. The amount collected was, however, less than last year. In 2021-22, the BMC was able to deposit Rs 5,792 crore into its coffers. With the exception of 2019-20, the collection of property tax has hovered around Rs 5,000 crore for the last seven years.
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