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Thursday 17 June 2021

Civic body plans to hike property tax rates by 14%

MUMBAI: The BMC has proposed to increase property tax rates in Mumbai by 14% based on the new ready reckoner (RR) rate, but the plan is expected to face stiff opposition as municipal elections are barely a few months away. The civic standing committee on Wednesday deferred discussion on the proposal till next week. 

Civic sources said with the municipal elections just over six months away, the proposal could turn into a political hot potato, especially for the Shiv Sena, the ruling party in the BMC. The party also heads the MVA government. 

The current property tax rates are calculated on the RR rates of 2015. But the BMC wants to revise the calculations based on the current RR rates, which are much higher. BMC officials said that the revision in property tax rates last took place in 2015. According to the amendment in the Mumbai Municipal Corporation (MMC) Act, the revision in property tax rates is carried out once in five years and this is usually done at the end of the fifth year. The fresh revision was scheduled for 2020-2025. The BMC has decided not to increase the rate of tax, but officials said that if the tax is calculated on the new RR rates, it will lead to an increase in property tax for residents. Read More....

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