Mumbaikars living in houses admeasuring 700 square feet or less will have to wait a bit longer to get relief from BMC property tax. Following the cancellation of octroi, property tax remains to be BMC's biggest revenue generator. If the civic body waives off property tax it means reducing tax inflow by 8 per cent. The BMC has collected Rs 3,525 crore property tax against a target of Rs 5,206 crores till March 2019. In the last few years due to slowdown in the realty sector and dispute regarding capital value base tax, there has been a dip in property tax collection.

Source: dna February 05, 2019 23:37 UTC