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400cr property tax in PMC’s kitty

Comments Off on 400cr property tax in PMC’s kitty   |   June 7, 2014    04:59am   |Contributed by Indian Realty News

PUNE: Across the city, the rush to pay the annual property tax in advance and avail the discount has swelled the Pune Municipal Corporation coffers.

Over 4.50 lakh property owners, who paid the tax before May 31 and availed of the 10% discount, helped the civic body collect Rs 400 crore in two months.

“More than 50% of property owners paid the tax in the first two months of the new financial year. The good response to the scheme is due to the awareness programmes the administration undertook. The efforts to provide bills at the doorstep of residents helped boost collection. A maximum number of bills were sent to the property owners which led to more people making the payment before May 31,” said a senior official of the tax department.

The response to the online payment system was also good with Rs 50 crore being collected. The civic administration has tied up with banks which allow people to make their property tax payments at the click of a mouse or through smartphones, a facility utilized by a large number of new property owners.

Property tax is one of the main sources of revenue for the civic body. The department handles the billing and collection of property tax on residential, commercial and other types of properties held privately or by the state and Union governments within the municipal limits.

It is charged on immovable or tangible real property, such as land, buildings and permanent improvements. The city has around eight lakh properties, which are liable to pay the tax.

The civic body assesses all residential and commercial properties situated within its limits, based on which the owners have to pay the tax.

The levy may also include basic house/building tax plus service taxes such as street tax, and conservancy/scavenging tax. It is collected every six months or annually.

Source: ET

News Published Under:   Pune, Real Estate India | Comments Off on 400cr property tax in PMC’s kitty