Property Tax Waiver Limited for Houses Up to 500 sq ft, Full Exemption Not Granted
The state government's decision to withhold a complete property tax waiver, akin to exemptions seen in Mumbai, has stirred discussions in the monsoon session of the state assembly. Owners of houses measuring under 500 sq ft in the Pune Municipal Corporation (PMC) jurisdiction are required to continue their property tax payments, as the state emphasises the potential substantial revenue loss the civic administration would face if complete waivers were implemented. Despite appeals by an MLA from Kasba Peth and other Pune MLAs for total tax exemptions for smaller residences, the assembly ultimately approved a 40% tax discount solely for self-occupied properties. This decision follows the discontinuation of a prior 40% tax reduction introduced after the 1970s Pune floods, which led to protests when it was discontinued in 2019. Notably, properties registered post-2019 without prior benefit of discounts will undergo reevaluation based on a state notification from May. With around 12 lakh properties in PMC areas set to benefit from the approved 40% tax waiver, the state's financial estimate indicates that accommodating total exemptions for small houses could potentially lead to a revenue shortfall of approximately Rs 400 crore.
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