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Business News/ Politics / Policy/  Property tax relief for 17 lakh families in Mumbai
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Property tax relief for 17 lakh families in Mumbai

The implementation would be with effect from 1 April 2015

The decision to exempt houses below 500 sq.ft was taken in the cabinet meeting chaired by chief minister Devendra Fadnavis. Photo: MintPremium
The decision to exempt houses below 500 sq.ft was taken in the cabinet meeting chaired by chief minister Devendra Fadnavis. Photo: Mint

Mumbai: In a major relief to 17 lakh families settled in Mumbai, the Maharashtra government on Wednesday decided not to increase property tax for next five years for those who own or occupy less than 500 sq/ft property.

The decision was taken in the Cabinet meeting chaired by chief minister Devendra Fadnavis. The implementation would be with effect from 1 April 2015.

Fadnavis told reporters that in 2010 when the Municipal Corporation of Greater Mumbai (MCGM) shifted from rateable tax to capital based tax structure, houses below 500 sq.ft were exempted from increase in property tax for five years.

“BMC will soon increase property tax by 40%. The government has decided to continue with the exemption for less than 500 sq.ft tenements," he said. An ordinance will be promulgated for the same, the chief minister said.

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Published: 27 May 2015, 09:54 PM IST
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