The Secunderabad Cantonment Board (SCB) has introduced a one-time settlement (OTS) scheme aimed at addressing property tax arrears. This initiative is intended to assist property owners by providing concessions on the accumulated interest related to outstanding property tax obligations.
The scheme pertains to arrears that have accrued up to March 31 and is proposed in alignment with the provisions outlined in the Cantonments Act, 2006. Under the proposed OTS scheme, property owners will qualify for a 30% discount on the accumulated interest amount or 10,000, whichever is greater. In cases where the accumulated interest is below 10,000, the scheme allows for a complete waiver of the total interest amount.
It is important to note that the rebate is applicable solely to the interest component of the arrears and does not extend to the principal property tax dues. The scheme requires that property owners settle all outstanding property tax dues, including arrears, in full to be eligible for the interest rebate. Partial payments or payments restricted to the interest portion will not qualify for the concession.
The OTS scheme will be available until March 31, establishing a specific timeframe for taxpayers to take advantage of the benefits. Arvind Dwivedi, the chief executive officer (CEO) of SCB, remarked that the scheme has been introduced to promote the voluntary settlement of outstanding property tax liabilities, diminish long-standing arrears, and offer property owners a chance to regularize their tax accounts. The board also noted that settling dues within the scheme’s timeframe would assist property owners in avoiding further interest accumulation and potential recovery actions.
