NMC records 40% increase in property tax collection

  • | Monday | 15th October, 2018

The rise of 40% in property tax collection is because of this, sources said.“Our major focus is on property tax collection. The property tax department had also distributed the property tax bills to tax payers by May end. NMC administration hiked property tax rates in the range of 37% to 40% and started implementing it from the current fiscal year.The property tax department distributed the property tax bills to taxpayers by May end. The rise of 40% in property tax collection is because of this, said sources from NMC. NMC officials said increase in property tax structures led to rise in the collection of NMC.NMC’s property tax collection stood at Rs 78.39 crore in the first half of the current fiscal as against collection of Rs 55.42 crore during the corresponding period in 2017-18.

Nashik: Property tax collection of Nashik Municipal Corporation (NMC) has increased 40% in the first six months of the current fiscal, as compared to the corresponding period in the last financial year. NMC officials said increase in property tax structures led to rise in the collection of NMC.NMC’s property tax collection stood at Rs 78.39 crore in the first half of the current fiscal as against collection of Rs 55.42 crore during the corresponding period in 2017-18. NMC administration hiked property tax rates in the range of 37% to 40% and started implementing it from the current fiscal year.The property tax department distributed the property tax bills to taxpayers by May end. The rise of 40% in property tax collection is because of this, sources said.“Our major focus is on property tax collection. We have already started taking action against defaulters, who did not pay the tax in the last fiscal. We will take action against defaulters this year too,” an official said.NMC’s property tax collection for the first time had touched Rs 90 crore during the last fiscal 2017-18, after action was taken against defaulters. In 2016-17, NMC had collected revenue of Rs 85.75 crore through property taxes, against revenue of Rs 82.99 crore during 2015-16.NMC has set property tax collection target of Rs 253 crore for the current financial year 2018-19. The civic administration is optimistic that the target will be achieved.Earlier, NMC would give incentives from 2% to 5% to property taxpayers if they paid taxes by the first quarter, by June 30. Earlier, prompt taxpayers would get 5% concession if they paid property tax in April, 3% if they paid in May and 2% if they paid in June. The civic administration cancelled that incentive on the ground that it was the duty of taxpayers to pay up, there was no need for an incentive.NMC administration has hiked property tax rates in the range from 37% to 40% and has started implementing from the current fiscal year. The property tax department had also distributed the property tax bills to tax payers by May end. The rise of 40% in property tax collection is because of this, said sources from NMC. “Our major focus is on property tax collection. We have already started action against the defaulters, who defaulted property tax payment during last fiscal. We will take action against the defaulters this year too,” said an official.

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