No hike in property tax in Mumbai till Covid situation improves – Check details

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Updated: June 18, 2021 4:40 PM

Earlier, it was expected that the property owners in Mumbai may have to shell out a higher tax this year.

Property tax, Mumbai, property owners, calculate property tax, stamp dutyIn 2020, the Maharashtra government had decided to slash the stamp duty on sale deed documents.

Mumbai Property Tax: There is a piece of good news for those living in Mumbai, who have to pay property tax. ANI in a tweet has informed that the Mumbai Mayor has taken this decision. “There will be no hike in Property tax in Mumbai till the Covid situation continues. We don’t know how long it will take but till then we will not burden Mumbaikars by increasing the property tax,” Mumbai Mayor Kishori Pednekar has said.

Earlier, it was expected that the property owners in Mumbai may have to shell out a higher tax this year. The collection of property tax is based on the latest ready reckoner rates of the year.

One of the factors to calculate property tax is the Ready reckoner rates which provide the real market value of immovable property like land, residential, commercial industrial.

In 2020, the Maharashtra government had decided to slash the stamp duty on sale deed documents by 3 per cent between September 1 and December 31 2020 and the relaxation was to continue with the 2 per cent cut from January 1 to March 31 2021.

This latest decision on Property tax in Mumbai is expected to provide some relief to the property owners especially in these times when Covid-19 is impacting financial position of the individuals.

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