Property Tax Mumbai works on the Mumbai Provincial Municipal Corporation Act, 1949. In Mumbai city the owners need to file property tax returns annually. The property tax return form will ask for detailed information on the size of the property, its location, age of building etc. The Municipal Corporation of Greater Mumbai also known as Brihanmumbai Municipal Corporation (BMC) has its official website on property tax and is one of the richest corporation in India.
The property tax in Mumbai which was introduced in 1982 based on the rateable value system will change and New system will be based on capital value. It will be introduced in phases across the city. In the new capital value system, the value (a percentage of which will be the property tax) will be based on the actual property value. The figure will be mostly based on the stamp duty Ready Reckoner which the government brings out every year. Once the market value is decided, this market value will remain constant for 5 years.
The Mumbai city is divided into wards and property tax rates are fixed ward-wise by Mumbai Municipal Corporation.Bombay Municipal Corporation (BMC) Act is used to calculate property tax. According to this, property tax is calculated on the basis of the rent the property is likely to earn. Last year, the state government had issued an ordinance to facilitate the implementation of the capital value-based system for computing property tax. In the new capital value system, the value (a percentage of which will be the property tax) will be based on the actual value of the property. The figure will mostly be based on the stamp duty Ready Reckoner.
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