With only two months left of this financial year, the BMC is yet to meet its target for property tax collection. Till January 19, the civic body has managed to collect only half of its target of Rs 7,000 crore. This despite property tax being the second largest source of revenue for the municipal corporation, right after the state government compensation for octroi.

To add to the problem, the state government, for the third consecutive year, did not approve a revision of property tax. The Brihanmumbai Municipal Corporation, the wealthiest corporation in the country, has not been able to meet the property tax target for the past seven years and saw a decline in overall revenue.