Mumbai: BMC To Explore New Tax Sources After Missing Property Tax Collection Target

The Brihanmumbai Municipal Corporation (BMC) will explore new ways to raise tax revenue after falling short of its property tax collection target for the 2023-24 fiscal year. During a review meeting Friday at the civic headquarters, BMC chief Bhushan Gagrani directed officials to identify new tax sources.

“The property in 24 wards should be inspected and the assessment should be revised according to the change,” Gagrani said at the meeting. He also ordered a reassessment of property values in all 24 wards to ensure accurate taxation.

The civic body collected Rs 31.95 crore in property taxes by the end of the fiscal year, falling short of the Rs 6,000 crore target. The deadline for tax collection was extended to May 25, and the revised target was set at Rs 4,500 crore.

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Gagrani reviewed tax collection efforts on May 10 and instructed the Department of Assessment and Collection to take stricter measures against defaulters. He ordered the department to expedite the public auction of seized items from delinquent taxpayers, followed by the sale of their properties if necessary.

The meeting was attended by Additional Municipal Commissioner (City) Dr. Ashwini Joshi, Joint Commissioner (Assessment and Collection) Sunil Dhamane, Joint Commissioner (Municipal Commissioner's Office) Chandrasekhar Chore, and others.

As of May 9, 2024, the BMC had collected Rs 39.05 crore toward the revised target. The civic body needs to collect another Rs 595 crore in the remaining 15 days to meet the revised goal.