Property taxes won’t be raised by 14% in Mumbai this year

Six months prior to the Brihanmumbai Municipal Corporation (BMC) elections in Mumbai, the civic standing committee trashed the BMC’s proposal to jack up property tax rates in India’s financial capital by 14 per cent.  Shiv Sena corporator Vishakha Raut moved a motion to ‘record’ the proposal to raise property tax.

India’s richest civic body wanted to raise property tax rates by 14 per cent by proposing to compute on the basis of new ready reckoner (RR) rates. The current property tax rates are calculated on the basis of RR rates for 2015. Ready reckoner rate refers to the standard value of an immovable property (residential property, commercial property and land/plot) assessed and regulated by the state government wherein the property is established.

This proposal was opposed by the BJP as this measure could rip the common man’s pocket. “The BMC reduced premiums for builders in the wake of the COVID-19 pandemic and the lockdown and even hotels and restaurants were given a kindness package by means of a waiver in property tax. But the BMC wanted to hike the property tax of the common man,” BJP corporator Vinod Mishra was quoted by the Times of India.

This is in keeping with the announcement made by Mumbai mayor Kishori Pednekar. “There will be no hike in property tax in Mumbai till the COVID situation continues. We don’t know how long will it take but till then we will not burden Mumbaikars by increasing the property tax,” Pednekar said earlier this week.

Edited by Mehak Agarwal

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