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Nmc Unwilling To Waive Tax On Small Properties, Real Estate News, Realty Beat

Nmc Unwilling To Waive Tax On Small Properties, Real Estate News, ET RealEstate
NASHIK: The Nashik Municipal Corporation (NMC) administration is not willing to waive property tax on smaller properties measuring less than 500 sq ft, even though the NCP city unit and even mayor Satish Kulkarni have pitched for it.

The NMC officials said, of the total 5.5 lakh properties in the city, around 2.5 lakh measure less than 500 sq ft.

Moreover, around 50% of the total revenue through property tax comes from this segment, which is estimated at around Rs 50 crore.

The move will badly affect NMC’s property tax collection, thereby affecting the financial health of the civic body. Hence, the property tax for the smaller properties would not be waived, said NMC officials.

The civic body officials further said that by the year 2010, the city had a total of 3.5 lakh properties on record and around 2.5 lakh properties measured less than 500 sq ft. Most of the properties in the old city and other areas were smaller, and there was more demand for the flats less than 500 sq ft.

The trend of bigger flats and residential properties increased during the last one decade, added NMC officials.

NMC reactions came after city mayor Satish Kulkarni asked the property tax department of the NMC to table the proposal of waiving property tax for the smaller properties from April 1. The NCP Nashik city unit has also made such a demand to the district guardian minister Chhagan Bhujbal.

Kulkarni said that poor and middle-class families reside in smaller residential properties and a property tax waiver will give a major relief to these families.

NMC officials further said that the NMC’s revenue through property and water taxes has been badly hit due to the Covid pandemic during the past two years.

Earlier, NMC had set a property tax collection target of Rs 160 crore for the current financial year, but it had to revise and reduce the target to Rs 140 crore due to the Covid pandemic. Hence, exempting the smaller properties from the property tax will affect the financial condition of the civic body.


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