Tag: Property tax in Mumbai

Industry

No change in property tax rates, higher bills automatically due to RR rate revision: BMC

MUMBAI: The Mumbai civic body on Thursday said it has not increased property tax rates and that people received higher bills due to the changes made in the ready reckoner rates for the financial year 2025-26. Ready reckoner rates, also known as guideline values, are minimum property values determined areawise by the government for taxation purposes in Maharashtra. In a release, the Brihanmumbai Municipal Corporation (BMC) also said it stayed the implementation of solid waste management fees after Maharashtra Chief Minister Devendra Fadnavis and Deputy CM Eknath Shinde pointed out that the revised property tax was going to put an…

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Mumbai: BMC hikes property tax after decade, by up to 15%

MUMBAI: After almost a decade, BMC increased property tax rates by up to 15% in bills raised for over 9 lakh properties for 2025-26. The bills were raised this month, reports Richa Pinto. “There is a maximum 15% increase, but it could be less depending on the ready reckoner rate of that locality,” said an official. RR rates determine property valuations for stamp duty and taxation. A civic official said the recent rise in RR rates was factored in while increasing the tax. However, around 3.6 lakh residential properties properties which measure under 500 sq ft (carpet area) remain exempted…