Mumbai's Property Tax Revenue hits over Rs. 5800 crore in last 9 months

The civic body of Mumbai collected over Rs. 5800 crore in property tax during the final nine months of the 2024–25 fiscal year.

The Brihanmumbai Municipal Corporation (BMC) stated in a statement during the day that it had received Rs. 5,847 crores in property tax up to the end of December 2024, including Rs. 433 crore in the final two days of 2024.

Out of the Rs. 5847 crores, Rs. 1,660 crore came from the previous fiscal year. It stated that the BMC had set a May 25, 2024, deadline for paying property taxes for the fiscal year 2023–2024.

The civic body stated that Rs. 6200 crore is the goal for the current fiscal year.

The civic body stated in the release that, after deducting Rs. 1,660 crore from the previous fiscal year, 62% of this total has been collected as of December 31. PTI KK BNM

Throughout the 2023–24 fiscal year, the BMC's ability to collect revenue was severely hampered by the legal complexities associated with new methods of property tax calculation. The civic body faced a shortfall of Rs. 1,305 crores despite an initial target of Rs. 6,000 crores, mainly because property tax bills weren't sent until February.

By maintaining extended hours for facilitation centers at both the BMC headquarters and ward offices, the BMC also took extra action. This gave the populace plenty of time to pay their bills in advance of the deadline.