Property tax waiver for homes less than 500 sq ft
Real Estate

Property tax waiver for homes less than 500 sq ft

Chief minister Uddhav Thackeray declared a complete property tax waiver for all houses measuring less than 500 sq ft in Mumbai.

BMC chief Iqbal Chahal told the media that the property tax waiver is complete and would be applicable from January. Recently, the BMC mopped up Rs 11,000 crore in premiums from the construction industry after the government declared a 50% waiver in premiums on account of the Covid-19.

Chahal said that till December 31, the BMC had additionally collected Rs 3,450 crore in property tax when its aim was just Rs 800 crore. For 2021-22, the property tax aim is Rs 5,000 crore, and they shall effortlessly cover it, he said, adding the waiver would cost the BMC about Rs 463 crore.

Thackeray had held a meeting of Shiv Sena leaders from Mumbai, comprising urban development minister Eknath Shinde, his son and guardian minister for Mumbai suburbs Aaditya Thackeray, mayor Kishori Pednekar and Congress leader and island city guardian minister Aslam Shaikh.

The chief minister said that the party had given a similar waiver in 2017, but this time it is a complete waiver and would come into effect immediately.

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Also read: Tax Adalat to address property tax issues from 22 November

Chief minister Uddhav Thackeray declared a complete property tax waiver for all houses measuring less than 500 sq ft in Mumbai. BMC chief Iqbal Chahal told the media that the property tax waiver is complete and would be applicable from January. Recently, the BMC mopped up Rs 11,000 crore in premiums from the construction industry after the government declared a 50% waiver in premiums on account of the Covid-19. Chahal said that till December 31, the BMC had additionally collected Rs 3,450 crore in property tax when its aim was just Rs 800 crore. For 2021-22, the property tax aim is Rs 5,000 crore, and they shall effortlessly cover it, he said, adding the waiver would cost the BMC about Rs 463 crore. Thackeray had held a meeting of Shiv Sena leaders from Mumbai, comprising urban development minister Eknath Shinde, his son and guardian minister for Mumbai suburbs Aaditya Thackeray, mayor Kishori Pednekar and Congress leader and island city guardian minister Aslam Shaikh. The chief minister said that the party had given a similar waiver in 2017, but this time it is a complete waiver and would come into effect immediately. Image Source Also read: Tax Adalat to address property tax issues from 22 November

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