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Sunday, January 5, 2014

PMC may not hike property tax next fiscal

PUNE: Chances are that citizens will not be burdened with an increase in property tax in the next financial year. The civic administration has submitted a proposal to the standing committee, suggesting that the levy should not be hiked.

Property tax is one of the main sources of revenue for the PMC. The department handles the billing and collection of property tax on residential, commercial and other types of properties held privately or by state and Union governments within the municipal limits.

“The committee has received the proposal, which was tabled at its meeting earlier this week. The members wanted to discuss the proposal, so it was decided to arrange a special meeting for the purpose. The civic administration has suggested that there should be no increase in the tax and the proposal is expected to be approved,” standing committee chairman Vishal Tambe told TOI.
As per the proposal, the civic body will have to decide on the issue by February 20, 2014. The proposal has projected income from property tax for this year to be around Rs 720 crore.
PMC officials have said the administration hopes to increase the revenue from property tax by around Rs 20 crore per year, thanks to unassessed properties identified in a special drive. The PMC currently collects tax from owners of around 7.5 lakh properties. It has identified around 16,000 more properties and additional constructions in over 4,000 structures in its drive.

“Property tax revenue is expected to go up due to various such initiatives taken this year. Also, the PMC had increased the tax in current financial year. Hence, the department prefers not to hike the tax for next year,” civic officials have said.

According to the officials, the civic administration had proposed a hike of 18% during the current financial year (2013-14), which the standing committee reduced to 8%.

Property tax is the tax charged on immovable or tangible real property, such as land, buildings and permanent improvements. PMC assesses all residential and commercial properties situated within its limits, based on which the owners have to pay the tax. The levy may also include basic house/building tax plus service taxes such as street tax, and conservancy/scavenging tax. It is collected either every six months or annually. Citizens who pay their dues before May 31 get a discount of 10%.

Source:http://timesofindia.indiatimes.com/city/pune/PMC-may-not-hike-property-tax-next-fiscal/articleshow/28353708.cms

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