Pune: Property tax collection crosses Rs 1000 crore

property Tax
property Tax

PUNE: The Pune Municipal Corporation (PMC) has crossed the mark of Rs 1000 crore in the property tax collection. The property tax department has collected the tax since the start of this financial year i.e. April 2016.

“It is a remarkable achievement. We have managed to earn Rs 1000 crore till December. It is the first time we have done so. The administration has kept the target of earning Rs 1600 crore from property tax for the next financial year,” said Kunal Kumar, while speaking to reporters.

As per PMC officials, emphasis was given on the recovery of tax which has helped the administration in archiving this target. Special drive have been carried out which included collecting dues from mobile tower operators, playing musical band in front of the properties of defaulters and amnesty schemes for unauthorised properties.

Property tax is one of the key sources of income of the civic administration. The tax is charged in on immovable properties. The property is assessed to give it a value and, then, that value is taxed. The amount of tax owed is determined by multiplying the fair market value of the property by the current tax rate.

City has around 8.3 lakh properties from which the tax is collected. Out of that nearly 1 lakh are commercial and around 7 lakh are residential buildings. City also has 29,000 open plots and the remaining 14,000 are a mix of commercial, residential and open properties. The city has over 90,000 properties, which are either un-assessed or unauthorised.

Reff- http://realty.economictimes.indiatimes.com/news/regulatory/pune-property-tax-collection-crosses-rs-1000-crore/56266572

Walls N Roof Comment : Property tax refers to the annual amount paid by a property owner to the local government or the municipal corporation of a particular area. It is a kind of direct tax levied directly on properties such as real estate property, shop, house etc. Property tax is one of the key sources of income of the civic administration and helps boost infrastructural development accordingly.


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