INTRODUCTION TO MUMBAI PROPERTY TAX
Municipal Corporation of Mumbai which is also known as Brihanmumbai municipal Corporation (BMC) in Marathi and municipal of Greater Mumbai in English is responsible for maintaining civic amenities and for collection and administration of property tax in Mumbai city. Whereas Navi Mumbai comes under Navi Mumbai municipal Corporation (NMMC)
BMC is India’s richest Municipal Corporation which was constituted under the Bombay municipal Corporation act, 1888. Same as Pune BMC follows capital value based system for the calculation of property tax which is based on the market value of the property.
FORMULA FOR MUMBAI PROPERTY TAX COMPUTATION
Property tax is equal to the percentage of the capital value of the property.
Property tax= Tax rate* capital value
Capital value= base value*built-up area* usage*building type*age factor* floor factor.
A user can calculator the property tax online at BMC website by entering ward, zone, locality, usage, area, floor type etc.
PENALTY AFTER DUE DATE
30th June is last date for payment of the property tax in BMC
2% is charged per month as penalty if there is a delay in payment beyond due date of property tax.
FOLLOW THE GIVEN STEPS FOR PROPERTY TAX PAYMENT
For online/offline payment follow these steps-
ONLINE PAYMENT
BMC/MCGM
- Go to official website if BMC online portal
- Click on ‘pay property tax’ under online services tab
- On upper portion of old Robert tax receipt there is a property account number, enter in the required column and select action of your choice from view receipts view outstanding bills or make payment
- You can also login from BMC citizen login portal.
- In case you don’t have your property account number, click on search and enter your name, ward, and address of building.
- After login, click accept once you verify your details of property.
- The next screen will display your all outstanding amount year wise
- Set the payment amount and click on online payment
- BMC website now only accepts net banking, hence choose bank or payment gateway and make payment.
- For future reference, don’t forget to save receipt or print it from BMC online portal
Navi Mumbai/NMMC
You can pay taxes online by visiting NMMC portal and provide property code.
OFFLINE PAYMENT
You can make offline payment at nearest assistant revenue office or BMC help centres or citizen facilitation centre’s at ward office
CONCESSION/ EXEMPTION ON PROPERTY TAX
- Properties owned by by consular or diplomatic mission specified by government
- Properties belonging for charity/public workship purpose
- Flats/house less than 500sq ft in size gets exempted from property tax whereas 60% concession on flats/houses between 500-700 sq ft in size
INCOME TAX IMPLICATION
Don’t forget to claim municipal taxes deducted from your house property income paid during the year
Company Vakil provides services related to Gst Registration in Mumbai
