The Municipal Corporation will start sending property tax bills of the new financial year from April 1. The civic body will provide rebate to tax payers for two months, April and May, after which heavy penalty and interest will be charged.
The authority has been sending the bills physically to both residential and commercial properties to prevent delays.
Owners of residential properties will get 20% rebate on the total tax amount, while owners of commercial properties will be able to avail 10% rebate if they pay during the two-month rebate period. After that, if they fail to pay, they will have to pay 25% penalty over the entire amount besides 12% interest. The two-month rebate period is the most crucial for property tax payers.
Around 15,000 fresh residential properties have been added in the new financial year after their inclusion in the tax jurisdiction and the number of properties has increased to 1.29 lakh from the previous around 1.14 lakh. Of these, around 29 properties falling in the tax ambit are commercial and the remaining around one lakh fall in the residential category.
Additional MC commissioner Rupesh Kumar, who heads the MC tax department said, “We have given rebate period to tax payers to pay the tax amount by availing the facility. Paying the amount on time is helping both sides. People will get rebate and it will help the MC get money on time to spend on development of the city and its citizens.”
The MC is focusing on property tax, which is one of its most important sources of revenue. Besides the tax, the focus is also on pending arrears.
The Municipal Corporation earned over Rs 70.40 crore from property tax in 2021-2022.