According to a latest data revealed by the Brihanmumbai Municipal Corporation (BMC), it has come to light that the civic body has seen over two-fold increase in property tax collected this year compared to the amount recovered in the same period last year.
The civic body recovered ₹3,851 crores in property tax between April 1, 2021, and January 30, 2022, up from ₹1,404 crores during the corresponding period last year, stated the figures shared by the Assessment and Collection (A&C) department of the BMC.
However, the civic officials have attributed this to the upcoming BMC polls slated in March or April of this year. Moreover, the BMC has taken aggressive action against defaulters which has raised awareness among residents about paying their taxes on time. Besides, several campaigns done by BMC in the last one year lead to increased awareness.
After facing a severe cash crunch during the COVID-19 pandemic in 2020, the BMC had set up a target to collect ₹7,000 crores in property taxes during the financial year 2021-22. Though, the target was lowered to ₹5,400 crores during the municipal budget last February.
BMC's Budget 2022 Session is scheduled to be held tomorrow, February 3.
Bifurcating further, the BMC stated that the highest recovery of ₹1,909 crores have been made from western suburbs, followed by ₹1,109 crores from the south Mumbai and ₹833 crores from the eastern suburbs.
Of the 24 municipal wards, maximum amount of ₹361 crores was collected from K/East (Andheri east, Jogeshwari), followed by ₹330 crores from K/West (Versova, Juhu, Andheri west), reports stated.
Meanwhile, during the 2020-21 financial year, BMC collected ₹5,135 crores in property tax against a target of ₹5,300 crores. It is said that property tax is the biggest source of income for the BMC.
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