February 5, 2024 | Indextapadmin
All property owners must pay property taxes to their respective municipalities. This money is a significant revenue source for the municipal government, which uses it to develop areas under its jurisdiction.
Property owners in the Municipal Corporation of Greater Mumbai (MCGM), also known as the Mumbai Metropolitan Region (MMR), must pay property taxes to the MCGM. The state government calculates the property tax in Mumbai based on its value.
Every year, residential property owners in Mumbai must pay property tax to the Brihanmumbai Municipal Corporation (BMC). They can pay property tax in Mumbai online through the MCGM property tax website.
Due to the pandemic's effects, the Maharashtra state government has decided not to increase the MCGM property tax for the third time in a row. This has resulted in an amendment to Section 154 (1D) of the BMC Act.
According to the Mumbai Municipal Corporation Act, property taxes are revised every five years. The last revision to the property tax on capital base occurred in 2015. BMC may implement an increase in MCGM property tax, including capital value revision, beginning this year and lasting three years, as MCGM property tax is one of BMC's fixed incomes.
According to a BMC circular on property tax, on January 12, 2022, the Maharashtra cabinet approved the state government's decision to waive property tax on houses up to 500 square feet in Mumbai.
Previously, only the general tax component was waived; however, the government has now waived the entire MCGM property tax (Municipal Corporation of Greater Mumbai) for properties up to 500 square feet.
Residential units with carpet areas ranging from 501 to 700 square feet will receive a 60% reduction in the BMC property tax rate. To pay BMC property tax online in Mumbai, use the MCGM website, the BMC mobile app, or the BMC website. Here's how to pay property tax online in Mumbai using the MCGM website:
Step 1: To pay the Mumbai property tax, go to portal.mcgm.gov.in and enter your property/account number.
Step 2: Enter the captcha. You will receive an OTP to your registered mobile number, which you must enter before proceeding to the next step in paying your property tax in Mumbai.
You will be redirected to your account on the MCGM website, where you can view all of your outstanding and paid Mumbai property tax bills.
Property tax MCGM can be paid at BMC Help Centers, the Office of the Assistant Revenue Officer, or the Citizen Facilitation Centres located in all ward offices.
You can also pay property tax online in Mumbai through the MCGM portal at portal.mcgm.gov.in property tax.
Step 1: After clicking the above link, go to the MCGM website and enter your account number to pay the MCGM or BMC property taxes online.
Step 2: Here, you can check any outstanding MCGM property tax bills or pay them directly online.
Step 3: Once you've made your MCGM property tax payment online, keep your receipt safe. This is important not only as proof of payment of MCGM property tax, but also as proof of property ownership.
Step 4: Verify that the MCGM portal has updated your record and that no outstanding amounts are displayed against your account. If there are any errors, have them corrected right away.
BMC property taxes are calculated using the Capital Value System (CVS). This CVS is calculated based on the property's market value.
Step 1: Go to the MCGM website and use the property tax calculator Mumbai.
Step 2: Enter the required information into the MCGM portal's property tax calculator Mumbai, including the ward number, floor, nature and type of building, carpet area, zone, user category, year of construction, FSI factor, tax code, sub zone, user sub-category, and other information.
Step 3: On the property tax calculator, click 'Calculate' to obtain a detailed BMC property tax bill. MCGM Property Tax Formula
Market value of the property x Total carpet area x Weight for construction type x Weight for building age.
The Ready Reckoner can be used to determine market value. The RR is determined by the state government and is a compilation of fair market value prices for properties. You must first determine which ward/zone your property falls into.
Weights for ‘construction type’, in units:
Bungalows and RCC construction – 1 unit.
Other than RCC (semi-permanent /chawls) – 0.60 units.
Under-construction or vacant land – 0.50 units.
Weights for ‘age of building’, in units:
Properties constructed before 1945 – 0.80 units.
Properties constructed between 1945 and 1985 – 0.90 units.
Properties constructed after 1985 – 1 unit.
After determining the capital value, Mumbai property taxes are calculated as follows:
Capital value of property x Current property tax rate (%) x Weight for the user category
Weights for ‘user category’, in units:
Hotels and like businesses – 4 units.
Commercial properties (shops, offices) – 3 units.
Industries and factories – 2 units.
Residential and charitable institutions – 1 unit.
The Property Tax Mumbai taxpayers can receive their BMC property tax bill in their inbox if they complete the Know Your Customer (KYC) form online on the MCGM portal. All notifications, alerts, and tax bills will be sent to the registered email address once the citizens have completed the KYC formalities. The civic body has requested that all taxpayers complete the KYC as soon as possible in order to avoid penalties for late payment of property tax.
Here's how to complete the KYC on the MCGM property tax portal to receive a Mumbai property tax bill:
Step 1: Go to MCGM Citizen Portal and enter your property account number.
Step 2: Enter the captcha and click the 'login' button on the MCGM website.
Step 3: Upload the required documents to the MCGM website and submit the attested copy.
Step 4: Enter your email and contact information to receive MCGM property tax alerts via email and SMS.
Step 5: Once approved, you will receive confirmation via email.
Every year, by June 3, the MCGM property tax must be paid, or a 2% penalty will be imposed on the outstanding amount.
According to the BMC circular on property tax, if you want to change your name on MCGM property tax records, follow the steps outlined above. It should be noted that there is no need for a property card to change the name in MCGM property tax records because the change of name will be done using the share certificate or the sale deed. The MCGM property tax department does not charge any fees for changing a name in their records.
Once completed, you can review the records on the
https://ptaxportal.mcgm.gov.in/CitizenPortal/#/changeBillName by clicking on Detail under ‘View Detail’.
MCGM Property Tax: Steps for Citizen Search
To make the process of reviewing building plans and issuing approvals easier, the BMC has implemented the AutoDCR, an online platform. The MCGM website has also enabled the generation and use of transfer of development rights (TDR) through an online process, making it easier for architects to submit their applications.
The Municipal Corporation of Greater Mumbai (MCGM) website allows citizens to search for and view details on all applications submitted to the corporation, as well as check the status of the file.
Here's how to use this online facility:
Citizens can access the MCGM Citizen Search via the MCGM AutoDCR link.
To check the status of their application, applicants should enter the file number and other information, such as the applicant's name, the name of the architect/LS, the zone name, the ward name, the plot number, the CTS number, the village, the road, and so on.
Applicants can check the current file stage, as well as zone and ward information, on the MCGM website.
Property owners are still waiting for the revised property tax bills for FY23-24 from the Brihanmumbai Municipal Corporation (BMC). The revised bill will not include the 15-20% increase that was mistakenly charged in December 2023. The municipal corporation was supposed to send the bills by the last week of January. This delay costs the BMC money and leaves property owners with little time to pay their property taxes as the fiscal year comes to a close.
In December 2023, the municipal corporation issued an ad hoc property tax bill, which included a 20% increase in property taxes. This caused confusion among property taxpayers. The BMC withdrew the bills and confirmed that there was no increase in property taxes.
We hope you understood the MCGM Property Tax blog and Now unlock essential insights. When you're ready to turn those insights into action, trust IndexTap to find your perfect property. Take the next step towards your dream home.
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