Prompt payment of property tax in Nashik to get 5% rebate

NASHIK: To collect maximum property tax in the first quarter of the financial year 2020-21, the Nashik Municipal Corporation (NMC) has decided to introduce up to 5% incentive on prompt payment of the property tax bills. They will get another 1% rebate if they pay online. Those who pay their annual tax in April will get 5% rebate in the tax amount while 3% and 2% tax rebates will be given those those who pay taxes in May and June, respectively. The municipal corporation has taken this initiative to encourage people to pay property tax in the first three months of the financial year.

The concession in property taxes was stopped during the last financial year by the then municipal commissioner Tukaram Mundhe. However, it was re-introduced by current municipal commissioner Radhakrishna Game. “The NMC may collect maximum revenue in the first quarter of the financial year if we give incentives to prompt tax payers. Now, the incentive schemes would be into effect from the beginning of the new financial year,” an NMC official said. In 2018-19, the civic body had collected property tax amounting to Rs 112 crore. It was for the first time that the NMC’s property tax collection target had touched Rs 100 crore. In 2019-20, the municipal corporation had set a target of Rs 218 crore. By February 15, the NMC had collected property tax amounting to Rs 137 crore as against Rs 98 crore collected during the same period last financial year 2018-19. The municipal corporation has already decided to auction the properties of major defaulters. In the first phase, properties of 89 tax defaulters are to be auctioned on February 26 at the Dadasaheb Gaikwad auditorium in the city. “There are 1.92 lakh tax defaulters having dues ranging from Rs 4,000 to Rs 1 lakh. We have served notices to around 1.80 lakh property tax defaulters, asking them to clear their dues immediately,” an NMC official said.


Source: https://realty.economictimes.indiatimes.com/news/regulatory/prompt-payment-of-property-tax-in-nashik-to-get-5-rebate/74167418

February 17, 2020

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