The Maharashtra Government on Tuesday made amendment in the Municipal Corporation Act exempting the property tax to property sizes 500 sq ft or less, and the bill was passed in the State Legislative Council on Monday. Chief Minister Devendra Fadnavis said that the waiving of property tax decision will benefit nearly 30 lakh properties in Mumbai including 15 lakh residential properties as well. "The BMC is financially capable to bear the cost of waiving of property tax. The BMC gets nearly a revenue of Rs 350 crore annually by levying property tax on the capital value of these houses. Hence, the property tax exemption should have been based on the government value of the flat rather than its size," Narvekar said.

Source: dna July 02, 2019 00:45 UTC