There won’t be any increase in property tax in the city in this financial year. Giving Mumbaikars a relief ahead of the civic polls, the state cabinet has decided against revising the capital value of properties in the metropolis. Capital value works as a parameter to assess the property tax by the BMC. 

The chief minister’s office said the pandemic and lockdowns have hit businesses, all sizes of industry, educational institutes and development works. “Majority of property owners and public representatives have been demanding a waiver or relaxation in the property tax from the BMC,” it said, adding that the corporation will take a revenue hit of Rs 1,042 crore due to the relaxation.