For the first time in its history, the Greater Visakhapatnam Municipal Corporation (GVMC) has achieved property tax collections exceeding Rs 500 crore in a financial year, concluding with a total of Rs 510 crore for the fiscal year 2024-25, which ended on Tuesday. This represents an increase of Rs 56 crore compared to the previous fiscal year, during which tax collections reached Rs 454 crore.
GVMC has been levying property tax based on market price of the property since 2021-22, replacing the earlier method of calculating tax based on the rental value of the property. This means whenever property prices are revised by the govt, taxes will correspondingly increase. GVMC also added several households to the tax net in 2024-25 and revised the tax structures for some households falling into the commercial category. The civic body also intensified collections from long-pending defaulters. All these measures helped it realise Rs 510 crore in property tax.
MN Harendhira Prasad, the district collector of Visakhapatnam and the in-charge commissioner of GVMC, stated that the additional commissioner and deputy commissioner for revenue have been conducting consistent evaluations with the revenue personnel.The largest corporation in the state, GVMC, has achieved an unprecedented milestone of Rs 510 crore in property tax collections for this financial year,” he said.
