BMC anticipates missing the goal of collecting property taxes by Rs. 1500 crore in 2023–2024

BMC anticipates missing the goal of collecting property taxes by Rs. 1500 crore in 2023–2024

BMC anticipates missing the goal of collecting property taxes by Rs. 1500 crore in 2023–2024

The Maharashtra cabinet is now deliberating on a proposal to maintain property tax rates at current levels for 2023–2024, according to municipal commissioner Iqbal Singh Chahal. A decision is anticipated on Monday, after which the civic body will present the property tax bill.

After grants-in-aid in the form of reimbursement for the use of tolls, property tax is the second-largest source of income.

On Friday, the Brihanmumbai Municipal Corporation changed its property tax collection goal from Rs 6,000 crore to Rs 4,500 crore for the fiscal year 2023–2024. The civic body unveiled its Rs 59,954.75 crore FY24–25 budget on Friday.

"In the financial year 2023-24, the revenue from wealth tax has been projected to be Rs 6,000 crore, however has been revised to Rs 4,500 crore, a reduction of Rs 1,500 crore," the budget paper said. No. between 1 April 2023 and 31 January 2024 has been declared by BMC.only made Rs 605 crore in revenue from leaf tax. The Maharashtra cabinet is now deliberating on a proposal to maintain property tax rates at current levels for 2023–2024, according to municipal commissioner Iqbal Singh Chahal. A decision is anticipated on Monday, after which the civic body will present the property tax bill.

After grants-in-aid in the form of reimbursement for the use of tolls, property tax is the second-largest source of income. In 2024–25, there won't be a property tax rise since it's an election year. The expected revenue sources for BMC are property tax (Rs 4,950 crore), grants-in-aid (Rs 13,331.63 crore) in lieu of octroi (Rs 5,800 crore), interest on investments (Rs 2,206.30 crore), and water and sewerage charges (Rs 1,923.19 crore).

According to Chahal, BMC owns over 70% of the land in Dharavi, which is said to be the biggest slum cluster in Asia. As a result, the municipal organization would ask the state government to set aside a portion of the premium from Dharavi rehabilitation. endeavor.