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Mumbai: BMC Rs 83 crore short of property tax target

Updated on: 24 May,2024 07:22 AM IST  |  Mumbai
A Correspondent |

With only days left for deadline, civic body collected Rs 4,417 crore till Wednesday

Mumbai: BMC Rs 83 crore short of property tax target

The deadline to pay property tax is May 25. Representation Pic

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Mumbai: BMC Rs 83 crore short of property tax target

More than 50 days after the end of the financial year, the BMC has still not met its property tax collection target. The BMC had set a target of earning Rs 4,500 crore in the last financial year, but it is still Rs 83 crore short of achieving this.

The civic body had initially set a target of Rs 6,000 crore for property tax collection. However, this was revised to Rs 4,500 crore. As of Wednesday, the BMC has collected Rs 44,417 crore. An official from the assessment collection department said that the property tax bills sent for the year 2023-24 will be paid till May 25. This is a regular process. “The revenue could end up being higher than the target set this year.”

The BMC has set a May 25 deadline for the payment of property tax, after which a 2 per cent penalty will be levied on the tax amount. Over the last few years, the BMC has reduced the revenue target from property tax. Every year, the revenue target is being reduced by Rs 2,000 crore-Rs 2,500 crore.

According to the official, tax exemptions for residential properties measuring 500 square feet, arrears from government authorities, as well as court disputes over property tax arrears have reduced the recovery target. The property tax levied is pending revision since 2020-21.

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