India, June 1 -- The Mumbai Civic body, also known as the Brihanmumbai Municipal Corporation (BMC), has restructured property tax in the Mumbai real estate market by an average of almost 16%, according to a statement issued by the corporation.

According to BMC, there has been no amendment or increase in the structure or rate of property tax. However, due to ready reckoner rates in Mumbai increasing from FY26, the property tax automatically stands to be increased, owing to the base of capital value going upwards.

To cite an example, if the annual property tax for a flat owner was Rs.50,000, it would now be above Rs.57,500.

The Brihanmumbai Municipal Corporation (BMC) has increased property tax for the first time in nearly a decade. The ...