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Till January 22, BMC was able to recover Rs 3849 crore as property tax. Till March 4, BMC had received property tax of Rs 4,429 crore. Property tax of Rs 4,574 crore was received till March 15 and Rs 4,854 crore till March 26, 2023. That is, in the last 5 days, BMC got Rs 721 crore as property tax. Property tax accounts for more than 20 percent of the total income of BMC.
The target was up to 6000 crores
BMC had set a target of collecting Rs 7000 crore as property tax in the financial year from April 1, 2022 to March 31, 2023. But it was revised to Rs 6,000 crore. Thereafter, the revised target was raised to Rs 4,800 crore after waiving tax on 500 sq ft houses in Mumbai. Homes up to 500 square feet in Mumbai were completely exempted from property tax. Which has benefited a total of 16 lakh 14 thousand flat holders in Mumbai. Property tax accounts for more than 20 percent of the total income of BMC.
Recovery of property tax in 3 years:
2021: Rs 5091 crore
2022: Rs 5792 crore
2023: Rs 5575 crore
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