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  4. New Year gift for Mumbaikars: No property tax on houses measuring up to 500 sqft

New Year gift for Mumbaikars: No property tax on houses measuring up to 500 sqft

The decision was announced after a meeting of the Ministry of Urban Development which was led by Maharashtra Chief Minister Uddhav Thackeray.

Sachin Chaudhary Reported by: Sachin Chaudhary
Mumbai Updated on: January 01, 2022 19:47 IST
mumbai
Image Source : PTI

New Year gift for Mumbaikars: No property tax on house measuring up to 500 sqft 

Highlights

  • Maharashtra completely waived property tax of residential properties upto 500 sft in Mumbai.
  • Chief Minister Uddhav Thackeray announced decision at a meeting of urban development department.
  • The waiver comes ahead of Mumbai municipal corporation elections due next month.

The Maharashtra government on the day of New Year, Saturday announced that it has completely waived the property tax bills of residential properties measuring up to 500 sqft in Mumbai.

Chief Minister Uddhav Thackeray announced the decision at a meeting of the urban development department earlier in the day, an official release said.

The waiver comes ahead of Mumbai municipal corporation elections due next month.

The CM has asked the administration to implement the decision with immediate effect, the release said.

It quoted Urban Development Minister Eknath Shinde as saying that the decision will benefit owners of over 16 lakh houses below 500 sq feet in Brihanmumbai Municipal Corporation (BMC) limits.

Shinde said the Shiv Sena, which rules the BMC, has fulfilled an important assurance it gave ahead of the 2017 BMC elections.

Thackeray on Saturday chaired a virtual meeting with Shinde, Mumbai district guardian minister Aslam Shaikh, Mumbai suburban district guardian minister Aaditya Thackeray, Mayor Kishori Pednekar and Chief Secretary Debashish Chakrabarty.

An official said the BMC is expected to lose a revenue of Rs 468 crore following the waiver.

BMC in 2021-21 had estimated property tax collection of Rs 6,738 crore but could mobilise Rs 4,500 crore due to the covid pandemic and lockdown. In 2021-22, the BMC has projected the property tax collection of Rs 7,000 crore. 

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