As per the BMC law, the property tax in Mumbai changes after every five years.
Earlier, due to the corona virus epidemic, the state government had decided to reduce the stamp duty on flats from 5 per cent to 2 per cent by 31 December 2020 and to 3 per cent by 31 March 2020.
Mumbai. There is a big relief news for Mumbaikars. Mumbai Municipal Corporation Mayor Kishori Pednekar has said that there will be no increase in property tax in Mumbai until the coronavirus situation improves. The Mayor said that no additional burden will be imposed on Mumbaikars. There will be no increase in this till the situation of corona virus continues. We do not know how long this situation will last. Earlier it was expected that Mumbaikars may have to pay more property tax this year in Mumbai. Pednekar clarified the situation and said that only a proposal to increase property tax has come, it has not been approved.
In fact, the opposition parties BJP, Congress, NCP, SP and Aam Aadmi Party strongly attacked Shiv Sena on the proposal to increase property tax. So Shiv Sena came on the back foot. BJP and Congress started trying to make it an election issue from now on.
Property tax changes after every five years
Let us tell you that according to the law of BMC, property tax changes in Mumbai after every five years. It was improved in 2015. After this, it was to be improved in the year 2020 itself, but due to the Corona crisis, the state government postponed this increase. In its first budget speech in March 2020, the Maharashtra Vikas Aghadi government had announced a concession in some taxes. This concession includes 1% stamp duty exemption for the next 2 years.
This concession includes 1% stamp duty exemption for the next 2 years. Along with this, relaxation in other related fees applicable on registration of documents in areas falling under the Mumbai Metropolitan Region Development Authority (MMRDA) and the Municipal Corporation of Pune, Pimpri-Chinchwad and Nagpur. Due to the corona virus epidemic, the state government had decided to reduce the stamp duty on flats from 5 per cent to 2 per cent by 31 December 2020 and to 3 per cent by 31 March 2020.