Mumbai’s property tax exemption houses measuring 500 square feet, according to Maharashtra CM

Image source: PTI

New Year’s Gift for Mumbaikars: No property tax on homes up to 500 square feet

Strong points

  • Maharashtra has completely waived the property tax on residential properties up to 500 square feet in Mumbai.
  • Chief Minister Uddhav Thackeray announced his decision at a meeting of the Department of Urban Development.
  • The waiver comes ahead of Mumbai’s municipal elections scheduled for next month.

The Maharashtra government on New Years Day announced on Saturday that it had completely waived property tax bills for residential properties measuring up to 500 square feet in Mumbai.

Chief Minister Uddhav Thackeray announced the decision at an Urban Development Department meeting earlier today, according to an official statement.

The waiver comes ahead of Mumbai’s municipal elections scheduled for next month.

The CM asked the administration to implement the decision with immediate effect, the statement said.

He quoted Urban Development Minister Eknath Shinde as saying the decision would benefit owners of more than 16 lakh homes under 500 square feet within the boundaries of the Brihanmumbai Municipal Corporation (BMC).

Shinde said the Shiv Sena, who heads the BMC, fulfilled an important assurance he gave ahead of the 2017 BMC election.

Thackeray chaired a virtual meeting on Saturday with Shinde, Mumbai District Guardian Minister Aslam Shaikh, Mumbai Suburban District Guardian Minister Aaditya Thackeray, Mayor Kishori Pednekar and Chief Secretary Debashish Chakrabarty.

An official said BMC is expected to lose Rs 468 crore in revenue as a result of the waiver.

BMC in 2021-2021 had estimated property tax collection at Rs 6,738 crore, but could raise Rs 4,500 crore due to the covid pandemic and foreclosure. In 2021-2022, the BMC has planned to collect the property tax of Rs 7,000 crore.

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