BMC achieves Rs 5,847 crore in property tax collection for 2024-25 by December 31, surpassing last year’s performance | Representational Image
Mumbai: The BMC has made remarkable strides in property tax collection for the year 2024-25, with the Assessor and Collection (A & C) department securing a total of Rs 433 crores in just two days, December 30 and 31.
This contribution has added Rs 5,847 to the overall property tax collection for the period from April 1 to December 31,2024. Of this amount, Rs 1,660 crores carried over from the previous financial year due to an extended tax payment deadline, which lasted until May 25. Notably, the property tax collection for the entire 2023-24 financial year had stood at Rs 3,195 crores by the end of March 2024.
The legal complexities tied to new methods of property tax calculation significantly hindered revenue collection for the BMC in the 2023-24 financial year. Despite an initial target of Rs 6,000 crores, the civic body faced a shortfall of Rs 1,305 crores, primarily because property tax bills were only sent in February.
o recover the loss, the BMC extended the payment deadline by three months, allowing citizens to pay their property taxes without incurring late fees. However, in response to these challenges the BMC launched a crackdown on large defaulters from the very beginning of the new financial year.
The BMC also took additional steps by keeping facilitation centers at both the BMC headquarters and ward offices open extended hours. This provided citizens with ample opportunity to settle their dues before the deadline.
“Relentless efforts of our team has helped us to collect Rs 4,187 crores of property tax revenue for the current financial year. We are positive to achieve this year’s target by March 31,” said a senior civic official.
Each year, the BMC collects property tax from over 9 lakh properties within its jurisdiction. However, the BMC’s revenue collection has declined in recent years, largely due to the exemption of property tax for residential properties up to 500 sq ft and the lack of a tax revision since 2015-16.
Property tax collection..
Date….revenue
30 Dec….Rs 173.59 crores
31 Dec…Rs 260.28 crores
Dec 1 to 31…Rs 2,501 crores
