Nmc Collects ₹100cr Property Tax In 3.5 Months, Real Estate News, ET RealEstate

July 19, 2023

NASHIK: The property tax collection of the Nashik Municipal Corporation (NMC) has touched the Rs100 crore-mark in the first three-and-a-half months (till July 17) of this financial year. This is for the first time the civic body has recovered Rs 100 crore in such a short span of time.

Last financial year, it took the civic body almost seven months to cross the Rs 100 crore mark. That year, the civic body had set a property tax collection target of Rs 150 crore. However, after the 15th Finance Commission directives, the target was increased up to Rs 188 crore.

NMC officials said that last financial year, the civic body, for the first time, had collected Rs 188 crore property tax, which was the highest since its establishment around 40 years ago. This financial year, the civic body has set a target of Rs 210 crore.

Officials said the civic body introduced a rebate of up to 8% for the prompt taxpayers paying annual property tax in one go in April, 6% for those who paid by May, and 3% for taxpayers who paid the dues in June.

The rebates helped the civic body collect Rs 95 crore property tax by June 30 this financial year. During the same period last year, the civic body had collected Rs 77.6 crore property tax.

Of Rs 100 crore property tax collection, the maximum property tax collection of Rs 21 crore has been from the Cidco division, followed by Nashik West (Rs 19 crore) and Nashik East (Rs 17 crore). The remaining Rs 43 crore came from the three other divisions — Panchwati, Nashik Road and Satpur.

  • Published On Jul 19, 2023 at 01:00 PM IST

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