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Pune civic body mops up Rs 1,000 crore in property tax in five months, Real Estate News, ET RealEstate

Pune civic body mops up Rs 1,000 crore in property tax in five months, Real Estate News, ET RealEstate
PUNE: The property tax collection of the Pune Municipal Corporation (PMC) in the past five months crossed the Rs1,000crore-mark on Friday, registering a nearly Rs211crore increase compared with the corresponding period of the last financial year.

Last year, the PMC had mopped up Rs790.37crore during April 1, 2020 to August 27, 2020. This year, the collection during the same period is Rs1001.88 crore.

The PMC data shows that owners of over 5.54 lakh properties had paid the tax last year during the period. The number increased to over 6.26 lakh during the current fiscal. According to civic officials, a special scheme introduced for diligent taxpayers helped in increasing the overall revenue of the tax department.

“Many taxpayers did their duty even during the pandemic-induced lockdown in 2020. Last year, they paid their dues within the prescribed time limit. Special discount of 15% on the property tax was given to these people this year. Property tax owners took the benefit of this scheme and initiated payments before June 30 this year,” said Vilas Kanade, head of the PMC’s property tax department.

As per the PMC data, owners of 4.04 lakh properties have paid tax of Rs303.76crore to avail this special 15% discount. Property tax is charged based on the annual rateable value of the property. The civic body gives two options for tax payment: offline as well as online.

The civic official said that this year property tax bills could not be issued to many properties due to the second wave of the pandemic. Majority of the citizens have paid tax online. Property tax earns the highest revenue for the civic body. The PMC earns around Rs14,000 crore to Rs16,000 crore per year through property tax.


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Written by Realty Beat

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