Thane: Barely four months after presenting its 2026-27 budget without a property-tax increase, the Thane Municipal Corporation (TMC) has now proposed a steep hike – 12% for residential and up to 20% for non-residential properties – apparently to shore up its finances. The proposal, placed before the municipal General Body, that meets this week, will take effect only after House approval.The proposed revision, the first in eight years, is expected to generate an additional Rs 104.67 crore-Rs 63.07 crore from residential and Rs 41.60 crore from non-residential properties. However, it will still not bridge the civic body’s existing revenue gap. TMC currently expects to collect around Rs 768.42 crore annually in property tax, while its 2026-27 budget targets Rs 1,600 crore, leaving a gap of Rs 831.58 crore between expected collections and the budget target.Meanwhile, 3.97 lakh residential property owners with homes measuring up to 500 sq ft will continue to receive a 100% exemption on the general component of property tax, costing the corporation around Rs 43 crore annually. Ex-servicemen will also retain their exemption, costing about Rs 16.71 lakh a year.Residents have criticised the proposal, saying the hike is unjust.
