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The civic body has set a target of Rs. 7,000 crores for the financial year 2022–2023. The collection of property taxes picks up after November, said the civic officials.
Property tax is one of the primary sources of revenue for the civic body. As per the Mumbai Municipal Corporation Act, property tax in the city is revised every five years.
CM Uddhav Thackeray asked the administration to implement it immediately. Nearly 16 lakh homes that reside many will get benefits due to the waiver.