No Increase in Property Tax in Mumbai

Mumbai Mayor, Kishori Pednekar said there will be no hike in Property tax in Mumbai till the Covid situation continues. 

The development came after the Brihanmumbai Municipal Corporation (BMC) proposed a hike in property tax. The mayor rejected the proposal saying that the people are already facing financial hardships due to the Covid-induced lockdowns, according to media reports.

The BMC’s assessor and collector department tabled the proposal earlier this week, to be effective from April 1, 2021 to March 31, 2025, before the Standing Committee for final approval. The property tax rate was proposed to go up to 14%, as per the media reports.

The corporation has proposed to increase the property tax based on ready reckoner rates as on April 1, 2021. Ready reckoner rates help to calculate true market value of immovable property like land, residential, commercial industrial. It is one of the factors to calculate property tax

Last year too, the state cabinet decided to not go for property-value assessment, leading to no revision in property tax during the financial year. A hike of around 17 percent was expected last year.

Stocks Performance:
Nifty50 is up only 0.21% or 32.40 points. Whereas, Nifty Realty index gained 349 points or 1.53% (updated at 2:13 pm)

_{Source: NSE}

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