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Maharashtra Govt takes Sensational decision of Property Tax
The Maharashtra government has taken a sensational decision on the eve of the new year. Brihanmumbai Municipal Corporation has announced the abolition of property tax on 500 sq. ft. residential premises.
The government's decision will benefit 16 lakh homeowners, the government said. 468 crore revenue will be lost. The act says "An Act to abolish the urban immovable property tax and further to increase the maximum rate of general tax at which the Bombay Municipal Corporation may tax buildings and lands in Greater Bombay, and to provide for matters connected with the purposes aforesaid."
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