Property Tax Bills For 2023–24 Are Released By BMC With No Increases
Property Tax Bills For 2023–24- Even though it’s a month before the year closes, the Brihanmumbai Municipal Corporation (BMC) has finally started distributing property tax bills for the 2023–24 fiscal year. The legal intricacies of the BMC’s retroactive tax assessment were the reason for this delay.
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Bill Issuance and Governor’s Approval
The governor approved the ordinance permitting the issue of property tax invoices on February 5. After that, the bills were post in soft copy on the BMC website. Notably, the civic body’s earnings from property taxes has only reached Rs 708 crore this year out of the anticipated Rs 4,500 crore.
Bill Hikes & Subsequent Withdrawal:
The BMC encountered political and popular backlash in December 2023 after releasing security/ad hoc bills that included a 20% increase in property taxes. After that, the local government announced that there would be no increase in property taxes. For the current fiscal year and withdrew these temporary bills.
Options and Deadlines for Payment:
The deadline for citizens to pay their property taxes without incurring late fees is March 31st. Payments can be sent by email, SMS, chatbot on WhatsApp, BMC’s website (https://ptaxportal.mcgm.gov.in/CitizenPortal/), or through the “mybmc 24×7” app. All ward civic facilities centres are open from 8 a.m. to 8 p.m. for offline payments.
Revenue shortfall & future outlook:
The BMC’s second-largest source of income is property taxes. The current fiscal year’s planned goal of collecting property taxes was scale back from Rs 6,000 crore to Rs 4,500 crore. The BMC wants to reach this goal, but it still has a lot of work ahead of it to catch up on almost Rs 3,000 crore in back taxes.
Mumbai residents who were worried about the delay & possible rise in property taxes are relieved by this outcome. It is unclear if the BMC will be able to meet their updated goal. Even though they intend to collect the outstanding balance within the next month.
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