The BMC will not realise Rs 1,080 crore in revenue as property tax hike has been deferred for yet another financial year in Mumbai, reports Richa Pinto.
Officials said property tax collection had already taken a hit during the two years of the pandemic.
The BMC is also forgoing Rs 462 crore due to the property tax waiver for those living in homes below 500 sq ft. This concession has been implemented from January 1 onwards.
A total of 16. 14 lakh residential flat owners have benefited from it. A hike in one of the civic body’s biggest sources of income is due to take place every five years. The last time property tax was hiked was in 2015.
Thereafter, in 2020 and 2021, hikes were deferred owing to the pandemic. This year, it was deferred a third time last week.