Published on Mar 04, 2023
https://ptaxportal.mcgm.gov.in/ : Property tax is a recurring charge that home owners have to pay every year. However, the tax amount varies from one location to another. This is a guide to paying property tax in Mumbai
If your property tax is overdue, a penalty may be chargeable and you will not be allowed to make the payment online. Then, you have no choice but to visit the local office.
With effect from January 1, 2019, property tax on residential units of up to 500 sq ft, located within the Mumbai municipal area limits, have been waived off completely. Residential units with carpet area between 501 sq ft and 700 sq ft, will get 60% reduction in the tax rate. For paying property tax online in Mumbai, you can use BMC mobile app, BMC website or MCGM website.
The parameters considered for property tax calculation include the location of the property, the occupancy status (occupied by self or tenant), the property type, the amenities provided, the year of construction, the type of construction, the Floor Space Index and the carpet area. The formula is given below:
Property Tax = Base Value × Built-Up Area × Age Factor × Type of Building × Category of Use × Floor Factor
The capital value of your property is obtained as follows:
Capital value = Market value of the property x total carpet area x weight for construction type x weight for age of the building
The market value is ascertained by the Ready Reckoner (RR). The RR is fixed by the state government and is found out by compiling the fair value prices for properties.
*1 unit for Bungalows and RCC construction
*0.60 units for structures other than RCC (like semi-permanent and chawls)
*0.50 units for under-construction or vacant land
1) Log on to www.mcgm.gov.in
2) Click on 'Property Tax' option in the left column
3) You will be redirected to a new page where you have to enter your Property Account number for log in. If you do not have Property Account Number, you can go through 'search' option and enter Ward Number and property address to obtain the PAN.
4) Once you have entered the Property Account Number, you will be redirected to new page where you can see your pending dues.
5)You can pay the pending dues through payment gateway and can generate the slip.
Tax exemption is given to properties matching the below-mentioned criteria –
• Properties that are used for public purposes such as worship, charitable trust, etc.
• Properties less than 500sq.ft area is given 100% concession
• 60% concession is given to flats or houses measuring between 500 to 700 sq.ft
The tax should be paid within 30th June of every year and in case of delay in payment 2% rate of interest is charged every month.
