Mumbai Property Tax Collection in FY24 was 356 Crores

Introduction

Mumbai Property Tax in FY24 was Rs. 4,994 crores collected. This amount represents a significant increase over the previous financial year. Indicates growth in property values ​​and tax compliance. Funds collected through property tax play a vital role in funding various civic amenities and infrastructure development projects in the city. The increase in property tax revenue reflects Mumbai’s growing economy and real estate market.

Table of Contents

• Mumbai Collected the Highest Property Tax in 2022-23
• Property Tax Bills Delayed Due to Lok Sabha Elections
• Mumbai Property Tax Collection in FY24

Brihanmumbai Municipal Corporation (BMC) for FY24 Rs. 4,856 crores in property tax. Its target is Rs. 356 crores have been exceeded. But it has recorded the lowest collections in the last two years. In FY23, BMC spent Rs. 4,800 crores against a target of Rs. 4,994 crores collected. In FY22 It collected a record 5,207 crores. The BMC has fixed May 25, 2024, as the last date for payment of property tax for the financial year 2023-24 as the civic body postponed the issuance of bills and issued a notification for the extension.

Property tax bills are only due by the end of February this year. This year, it has been announced that taxpayers will have to pay without any increase. However, this came after the civic body criticized it for uploading inflated property tax bills in December last year. As of March 31, this year, the assessment and collection department of the BMC collected just Rs. Only 3,195 crores could be collected.

Mumbai Collected the Highest Property Tax in 2022-23

BMC has collected Rs 4,856 crore which is Rs. 356 crores more than the property tax target of Rs. 4,500 crores. BMC in 2022-23 Rs. 5,575 crores collected. Last year the highest amount of property tax was collected by BMC residents. In 2022-23, the property tax collection exceeded the target. This increase in property tax collection can be attributed to better compliance by residents and improved enforcement measures by BMC.

Property Tax Bills Delayed Due to Lok Sabha Elections

Officials of the Civil Supplies Department said that due to the delay in the property tax bills in 2024, the collection has decreased this year. On December 26, 2023, the BMC introduced bills with a rate hike of 17.5%. People protested on social media. After that, revised bills were issued late. In addition to this, due to the Lok Sabha elections, there is a shortage of staff in the Civil Supplies Corporation.

Mumbai Property Tax Collection in FY24

The civic administration had earlier set a target of Rs 6,000 crore for 2023-24 but later reduced the target to Rs 4,500 crore. This is the lowest property tax collection in a decade. BMC data reveals that a total of Rs.4,856 crores has been collected. According to this data, some areas details are given in the table below.

Of the property tax collections of Rs.4,856 crore, around Rs.1,425 crores were collected from the city department, Rs.2,456 crores from the western suburbs, Rs.968 crores from the eastern suburbs, and Rs.968 crore from the eastern suburbs. 10 crores were collected from various government institutions.

Conclusion

Mumbai Property tax in FY24 Rs. 4,994 crores collected. This amount represents a significant increase over the previous financial year. The increase in property tax collections can be attributed to the growing real estate market in Mumbai and increased compliance from property owners. The city’s infrastructural development projects are also contributing to higher tax revenue. Property owners will also have to pay Mumbai property tax accordingly. For more information, visit openplot.

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