BMC Budget 2022-23: No property tax for flats measuring up to 500 sq. ft.

On Thursday one of the richest civic body BMC (Brihanmumbai Municipal Corporation) presented a budget of Rs 45,949.21 crore for the year 2022-23, ahead of the civic elections. The budget estimates are 17.70 percent more than the last fiscal, when the BMC had presented Rs 39,038.83 crore budget.

Iqbal Singh Chahal, commissioner of Mumbai municipal presented the budget before the civic standing committee meeting held at the BMC headquarters.

In the budget, the civic body announced 100% relief from payment of property tax for the flats measuring up to 500 square feet of carpet area.

Chahal said in his budget speech, “About 16, 14,000 citizens will get 100 per cent property tax relief. The amount of exemption to citizens is to the tune of Rs 462 crore per annum.”

Chief Minister Uddhav Thackeray had announced a decision to waive the property tax for the residential units of up to 500 square feet, located within the Mumbai municipal area limits on January 1.

Before presenting the general budget at the standing committee, the BMC also tabled its education budget of Rs 3,370.24 crore. This year’s education budget estimates are 14.45% more than the last fiscal when the budget was Rs 2945.78 crore.