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Thursday, March 23, 2023
HomeNewsReal EstateNMC collects Rs 152 crore property tax in FY23

NMC collects Rs 152 crore property tax in FY23

Officials of the Nashik Municipal Corporation (NMC) said one of the main reasons for the record property tax collection is that several new properties have been brought under the property tax net.

The civic body has collected Rs 152 crore as property tax, so far, in the current financial year, which is the highest-ever property tax collection since the civic body was established 31 years ago.

Officials of the Nashik Municipal Corporation (NMC) said one of the main reasons for the record property tax collection is that several new properties have been brought under the property tax net.

The NMC brought more than 13,000 properties under tax net over the past seven months alone, making Rs 19.5 crore as revenue for the past two years and the current financial year. NMC will be getting Rs 6.5 crore in revenue annually from these new properties. These properties, despite being completed, were not paying property taxes. The civic officials carried out an extensive exercise to identify such properties and ensured that the property taxes are paid.

Moreover, NMC also issued notices to over 75,000 property tax defaulters. Altogether, the civic body has tax dues amounting to Rs 109 crore. Since the issuance of the notices, the civic body has collected around Rs 30 crore in the last two months only. This also led to a rise in property tax collection figures.

After the 15th Finance Commission guidelines, the NMC administration revised its property tax collection target from the previous target of Rs 150 crore to Rs 185 crore for the current financial year. It has to collect Rs 24 crore more in the remaining one-and-a-half months.

Even though it is yet to meet its target set for the current financial year, the collection has already increased by 25% to Rs 152 crore in the current financial year — against Rs 121 crore collected during the past financial year (2021-22).

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