The Brihanmumbai Municipal Corporation (BMC) has collected Rs 3,740 crore as property tax till January 24, against the revised target of Rs 5,400 crore. It had earlier set a target of around Rs 7,000 crore in the budget for 2021-22. The state government’s decision to waive the tax for houses up to 500 sq feet has cost the BMC around Rs 463 crore ahead of the civic polls.

Every year the BMC collected around Rs 5,000 crore from property tax, which is the highest source of income after octroi tax was abolished. The collection in 2020-21 was less due to the Covid-19 pandemic.