Mumbai’s property tax will not increase this financial year in view of Covid pandemic
There will be no hike in property tax in Mumbai this financial year in view of the Covid-19 pandemic. The state cabinet on Thursday decided to not go for property-value assessment in the city. In turn, there will be no revision in property tax during the ongoing financial year. A hike of around 17% in the property tax was expected this year. The cabinet also gave its nod to promulgate an ordinance to amend the existing law.
The civic body assesses value of properties every five years to charge property tax to citizens. The tax is being charged on capital value of the property and is based on the existing ready reckoner rates, an official said.
“People are badly affected by the Covid-19 lockdown. The assessment of property tax was expected to be conducted in 2020-21. In order to provide relief, the state has decided to postpone it for a year till 2021-22,” said Mahesh Pathak, principal secretary, urban development department.