Property tax waiver cleared for flats up to 500 sqft

The state legislative council on Monday cleared the bill which gives residential properties with carpet area up to 500 square feet a property tax waiver. While tabling the bill, chief minister DevendraFadnavis said the state decided to give a waiver in property tax only in Mumbai as the BMC is financially stable and can take the revenue hit. He said the move will benefit over 75% flat owners in the city. He also said the state government will give its nod to any other municipal corporation that wants to extend the relief in their jurisdiction. “A few municipal corporations are financially stable and, if they want to give any such relief to residents, they can bring a proposal and the government will support it,” said Fadnavis.