Mumbai: BMC Collects Property Tax Of ₹4,300 Cr For Fiscal Year 2023-24

Mumbai: With relentless efforts, the civic officials have collected a revenue of Rs. 4,300 crores against the target of Rs. 4,500 crores for fiscal 2023-24. However, the deadline to clear the property tax will end on May 25. So, after the due date, the citizens will have to pay a late fee of 2% per month on the amount to be paid.

The property tax bills for the financial year 2023-24 were sent in February. So, the civic body has extended the deadline to pay property tax without a late fee. The officials of the assessment and collection department have attached 24 properties that have failed to pay their property tax amounting to a total of Rs.180 crores. Over Rs. 1,000 crore of revenue from property tax has been collected since April 1.

The civic authorities have plans to carry out an auction of the sealed properties that would add some revenue to the BMC's kitty. Meanwhile, with Post three days left for the deadline to end to facilitate the payment process for property owners, ward offices and citizens' facilitation centres will be kept open on May 23 and 24 from 8 am to 10 pm and till 12 am on May 25, said a civic official.

The legal complexities of new methods of tax calculation badly affected the revenue collection of property tax in 2023-24. So, the initial target of property tax was revised from Rs. 6,000 crores to Rs.4,500 crores.