With the to theBrihanmumbai Municipal Corporationscheduled to be held early next year, the state cabinet approved a proposal not to revise capital value of building orlandin Mumbai for 2021-22 in view of the pandemic. Under the Mumbai Municipal Corporation Act, 1888, the capital value, based on which property tax is paid, is to be revised every five years.
The Brihanmumbai Municipal Corporation had got numerous representations from elected representatives, citizens groups, seeking relaxation/waiver of property tax.BMCwill lose about Rs 1,042 crore in revenue. TheMMC Actwill be amended for the purpose.