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HomeNewsReal EstateAbout 51,000 new properties under tax net in last fiscal-NMC

About 51,000 new properties under tax net in last fiscal-NMC

According to the property tax department, the Nashik Municipal Corporation (NMC) earned an additional Rs25 crore on an annual basis through these new properties.

The civic body has brought at least 51,000 new properties under its tax net during the last financial year. With this new addition, the total number of properties paying tax in Nashik city has increased to 5.33 lakh.

According to the property tax department, the Nashik Municipal Corporation (NMC) earned an additional Rs25 crore on an annual basis through these new properties.

The addition of new properties under the tax ambit was also one of the reasons the civic body collected property tax of Rs188 crore in the last fiscal — the highest ever since the establishment of the NMC around 40 years ago.

This financial year, NMC has set the property tax collection target of Rs210 crore.

The civic administration had started a drive last year to bring new properties under the tax net, particularly those under utilisation sans building completion certificates (BCC) issues by the NMC.

The objective of this drive was to increase the revenue of the civic body through property tax, added NMC officials.

At present, over 2,000 building projects with over 50,000 flats are under construction in the city, expected to be completed in the next two years. So, officials said they expect the same number of properties to be brought under the tax umbrella during the next two years, too.

NMC officials added that they will continue to identify new properties across six divisions to be immediately brought under the tax net.

In the 2021-22 financial year as well, NMC had collected property tax amounting to Rs150 crore, which was the highest collection by the civic body since its establishment at the time. However, this was surpassed in FY 2022-23 thanks to the new properties brought under the tax ambit.

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