BMC will soon issue property tax bills it had withheld as it awaited a state government nod for revision in rates. BMC issues the bills on a six-monthly basis.
As per the capital value system (CVS) approved by the state government, property tax rates are to be revised every five years based on capital value of a building or land. It was due for revision this year but the state cabinet on Thursday decided to revise them next year in view of the economic havoc wrecked by Covid-19. An ordinance amending section 154 (1d) of BMC Act will be issued immediately without awaiting the cabinet meeting minutes.
Civic officials said BMC expects to garner Rs 4,160 crore this financial year, the same as last year, as rates remain unchanged. Property taxes levied on buildings and land in Mumbai under BMC Act include water tax, water benefit tax, sewerage tax, sewerage benefit tax, general tax, education cess, street tax and betterment charges.
In 2012, the government approved the CVS for calculating property tax in the city. It was implemented with retrospective effect from 2010.