Mumbai: BMC Seeks Property Tax Relief for 700 sq ft Homes
MUMBAI: Last Friday, the civic House passed a notice of motion (NoM) proposing to raise the property tax exemption limit for residential units from 500 sqft to 700 sqft. BMC officials emphasized that an NoM is not binding on the administration; the proposal will be reviewed by civic administration. It could be approved, altered, referred to committees, or simply acknowledged. Currently, approximately 3.6 lakh properties in Mumbai are exempt from property tax due to their carpet area being under 500 sqft. This policy was initiated in 2022 by BMC following a directive from the state government. Property tax serves as…