There is only a month until the end of the fiscal year 2023–24. Now, the Brihanmumbai Municipal Corporation (BMC) has started sending out property tax invoices this Monday, February 26. The civic body has become late because of legal issues surrounding BMC's retroactive tax assessment.
On February 5, the governor gave the green light to the ordinance that allowed the issuance of these bills. Following this, the bills were made available in soft copy on the civic website. Despite a planned property tax of INR 4,500 crore, the civic body has only managed to collect INR 708 crore this fiscal year.
In December 2023, the BMC issued security and ad hoc invoices showing a 20% increase. However, after facing backlash from the public and opposition, the city authorities withdrew the preliminary bills and made it clear that there would be no increase in the property tax for this fiscal year.
The release of the bills required the governor's approval, which was granted. The state cabinet approved the property tax bills, and a Government Resolution (GR) was rolled out two weeks ago.
According to reports, the soft copies have been issued on the website. Further, the invoices will be based on the invoices from the previous year. Residents will have until March 31 to pay their property taxes.
Property taxes are the second-highest source of income for the local government. The initial projection of INR 6,000 crore for property tax income for this financial year was revised down to INR 4,500 crore. Taxpayers have a single month to pay their debts; beyond that, they will be assessed a late fee equal to 2% of the outstanding balance each month.
Share
Tweet
