No property tax hike in Mumbai for 2022-23

The state govt will amend the BMC Act-1888 to affect the populist decision. File pic

Mumbaikars will not pay a revised capital value property tax this financial year. The state cabinet has taken the decision in view of the economic slump the COVID pandemic has caused and seems to have considered the populist impact it would have ahead of the municipal polls.

The Chief Minister's Office said the industry, businesses, educational institutes, projects, factories and daily wages were impacted greatly during the coronavirus pandemic.

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"Property owners, institutes and public representatives had petitioned the BMC for a waiver or relaxation," said the CMO, adding that the BMC Act-1888 will be amended accordingly. As a result of the move, the BMC is expected to suffer a revenue loss of Rs 1,117 crore.