Wednesday, 07 December 2022

Maharashtra government announced No property tax on residential properties up to 500 sq ft

Maharashtra government announced No property tax on residential properties up to 500 sq ft

The excellent news to Mumbaikars, the property tax on residential properties measuring up to 500 square feet has been completely waived off by the Maharashtra government. The state government announced on Tuesday.

The decision comes during a discussion in the state assembly on a bill for not increasing property tax on residential buildings and plots.

A report in Indian Express quoted Maharashtra Urban Development Minister Eknath Shinde as saying.

"The opposition party has raised the issue of waiving off the property tax of residential properties of 500 sq ft that which includes general tax and other services tax. The government's stance is also of the same on the view. It is under process and the order will be taken soon,"

Earlier, Former Maharashtra CM and Leader of the Opposition, Devendra Fandavis, said that only general tax of property tax bills was waived off and not the actual property tax promised by the then Shiv Sena chief Uddhav Thackeray.

Maharashtra government announced No property tax on residential properties up to 500 sq ft 1unsplash image

Read More: Registrations of Property in Mumbai goes down by 29% in August

There are eight components in the property: general tax, education cess, water tax, sewerage tax, tree cess, and water benefit tax. The general tax consists of 10-30 percent of the total property tax.

Shive Sena had faced criticism for waiving only general tax and not the entire property tax promised by the party in its 2017 Mumbai civic polls manifesto.

According to Eknath Shinde, the decision not to increase the taxes has been taken so that the COVID-19 pandemic does not burden the general public. The minister that the tax waiver will incur a loss of Rs 1042 crores to BMC.

There are eight components in the property: general tax, education cess, water tax, sewerage tax, tree cess, and water benefit tax. The general tax consists of 10-30 percent of the total property tax.

Shive Sena had faced criticism for waiving only general tax and not the entire property tax promised by the party in its 2017 Mumbai civic polls manifesto.

According to Eknath Shinde, the decision not to increase the taxes has been taken so that the COVID-19 pandemic does not burden the general public. The minister that the tax waiver will incur a loss of Rs 1042 crores to BMC.

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