No Plans for Property Tax Hike in the Upcoming Financial Year
In the upcoming civic budget for the next financial year, residents in areas under the Pune Municipal Corporation (PMC) are likely to be spared an increase in property tax. The PMC administrator stated that the decision to raise taxes is a policy matter, and it is not currently under consideration. Property tax stands as the largest source of income for the PMC, generating around Rs 2,000 crore annually. The decision brings relief to owners of approximately 11.3 lakh properties, with some attributing the move to the upcoming elections and the absence of an elected body required for decision ratification.
While activists appreciate the decision, they emphasise the need for the civic body to focus on recovering tax dues from significant defaulters. The PMC data reveals a need to recover Rs 8,000 crore, encompassing taxes on mobile towers and major defaulters such as industries, commercial complexes, IT parks, and hospitals. In an effort to boost revenue, the administration has initiated the process of levying property tax on Metro properties, including 18 stations, two depots, and other assets owned by the Maha Metro Rail Corporation, with an expected annual revenue of around Rs 20 crore.
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