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Saturday , 21 October 2017
Breaking News

Mumbai to abolish property tax for small homes

Newspatrolling: In a Welcome development, the Brihamumbai Municipal Corporation (BMC) has passed a proposal, wherein houses with carpet area of up to 500 square feet will be exempt from property tax. The proposal also offers 60 percent discount in property tax for houses that have a carpet area of 500 to 700 square feet. After BMC, the proposal needs to be approved by the state government. The chances for this are quite high since the proposal was supported by all parties including BJP and the main opposition Congress. The proposal was originally tabled by Shiv Sena, the ruling party in BMC.

It may be recalled that the waiver of property tax for homes measuring up to 500 square feet was one of the promises made by Shiv Sena during the election campaigning of BMC polls. Shiv Sena and BJP are currently allies in BMC, but they had fought the elections separately. If approved by the state government, it would benefit more than 14 lakh households in Mumbai. It would be applicable from 2015 to 2020. The BMC will have to suffer a loss in revenue since it gets Rs 350 crore every year as property tax from such houses.

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