The BMC has collected revenue of Rs. 692 crores in the first six months of the current financial year from the property tax, while the last financial year's collection during the same period was around Rs. 622 crores. The civic body has set a target of Rs. 7,000 crores for the financial year 2022–2023. The collection of property taxes picks up after November, said the civic officials.
After the abolition of Octroi, the BMC gets around Rs. 9000 crores in annual compensation transferred by the Central Government through the state. While the property tax is the second biggest source of revenue for BMC, The assessor and collector departments of the BMC surpassed the collection target in the last financial year. The total target for the year 2021–22 was around Rs. 5,400 crores, while the collection stood at Rs. 5,792 crores. So, keeping higher expectations in the current financial year, the civic body has set a target of Rs. 7,000 crores.
Meanwhile, the state government took the decision to not increase property taxes this year. Due to this, the BMC will lose Rs. 1,080 crore of revenue, so to achieve the target, the civic officials started action against the property tax defaulters. The civic authorities are expecting to surpass the target this year too. Sunil Dhamne, joint commissioner of BMC, said, "In the first six months we have collected Rs. 692 crores of property tax, which is Rs. 70 crores more compared to the same period in the last year. "We will soon conduct an auction of the seized properties from the defaulters."
During the COVID pandemic, the property tax collection dropped, and only Rs. 3,735 crores went into the BMC's kitty in 2019-2020.
Check revenues earned in the following years below:
2022- 23 - 692 till September 30
2021- 22 - 5,792
2020 - 21 - 5,135
2019 - 20 - 3,735
2018 -19 - 4,492
