Mumbai is one of the largest cities in the country, both by spread and population. As of 2022, the city's population was estimated to be about 27.12 million, and the Brihanmumbai Municipal Corporation or Municipal Corporation of Greater Mumbai, has only been expanding each year to include more suburbs into its governance.
With such a burgeoning population and fast-paced development in both the older parts of the city and the suburbs, the demand for housing in the city has also been skyrocketing. According to a recent report, property registrations in the city rose 9 per cent between 2021 and 2022. Nearly 1.22 lakh property sales were registered last year.
MCGM Property Tax Collection
The rise in property sales brings good cheer to the real estate sector and also to the Municipal Corporation of Greater Mumbai (MCGM). This is because property tax is a source of considerable income for the city's municipal administration. To understand the significance of property tax collection by MCGM, let us look at the amount of property tax collections for FY 2022-23. As of 15 March 2023, the city corporation has collected about INR 4596 crore as property tax. The corporation has taken the entire process online to make property tax payments more convenient and hassle-free. But before we understand how you can pay the MCGM property tax online and offline, let us see why the city corporation collects a property tax and why you must pay it punctiliously.
Why should I pay property tax?
The municipal government of every city imposes property taxes. The collection from this tax goes to fund the city budget, which is, in turn, used to improve the infrastructure and facilities of different parts of the city. Water and drainage systems, road repairs, bridge and underpass construction, park maintenance etc., are all undertaken from this budget.
The municipal government conducts the assessment of property taxes based on the property's monetary value, area, construction scale etc. Payment can be made once or twice a year, and some cities inform property owners of the tax value through a letter or email, while others make the information available online. The local government may also conduct reassessments periodically.
By paying your property tax dues regularly, you are helping fund the improvement of infrastructure and lifestyle in your neighbourhood and the city. This brings returns in the form of asset value appreciation. Also, keeping your property tax payments up-to-date is essential to avoid legal hassles and to be able to resell your property if necessary.
How to pay MCGM property tax online and offline?
To pay the MCMG property tax offline, you will need to visit your local municipal council office with your property account number. This is a 15-digit alphanumeric number indicated on the upper portion of your property tax bill.
With a growing focus on digital payment systems and e-governance, the MCMG has developed a robust system that helps you pay your property tax online.
- Log in to https://ptaxportal.mcgm.gov.in/CitizenPortal/#/login
- Use your property account number and enter the captcha as seen on the screen, and click on the Login button.
- In case you do not have access to previous bills or your property account number, you can search for it using the search option. You will be prompted to a page where you can search using parameters like address, ward, owner's name or linked phone number.
- To make a digital payment, you must fill in the KYC details and register your mobile number and email.
- Once you pay out the KYC, you will be required to enter the property tax amount and payment mode.
You can also make a digital payment through a linked digital wallet. Digital payments take about a day to be deposited in your property account.
Financial planning
As a real estate investor and a homeowner, planning for the expenses towards property taxes is an important part of your yearly financial planning. The MCGM portal also includes a property tax calculator that first-time property taxpayers can use to estimate the expense towards payment of property tax.
Paying your property tax dues regularly keeps your financial records clean and adds value to your property in case of resale. Opting for MCGM property tax online payment is both convenient and secure. It is important to remember that if there is a transfer of ownership, a resale or inheritance of the property, the name on the property tax record must be changed through an application to the MCGM.
