Tax Defaulters On Nmc’s Radar, Recovery Drive From July 15, Real Estate News, ET RealEstate

July 8, 2023

<p>File Photo</p>
File Photo

NASHIK: Nashik Municipal Corporation (NMC) will start a recovery drive from July 15 against property tax defaulters by first targeting big property tax defaulters having dues over Rs2.5 lakh.

According to NMC officials, there are over 2 lakh tax defaulters for big and small properties, all amounting to an estimated Rs450 crore. Of this number, there are 1,450 big property tax defaulters who have tax dues over Rs2.5 lakh, all amounting to Rs160 crore.

“Defaulters will be served notices giving them a 21 day-ultimatum. Final notices warning them of their proprieties being confiscated will be given to them if they do noy adhere to the deadline. The properties will be auctioned afterwards,” said a NMC official.

The NMC aims to collect maximum property tax and meet the property tax collection target set for the current financial year. The civic body has set the property tax collection target of Rs210 crore, and they collected around 45% of the total property tax collection target.

Meanwhile, NMC’s move to give up to 8% rebate in property tax to prompt taxpayers paying annual property tax has yielded good results, with the possibility of the civic body collecting Rs95 crore property tax between April 1 and July 5 in the current fiscal year.

During the same period last year, the civic body had collected property tax amounting to Rs 70 crore.

Last financial year, the civic body had set the property tax collection target of Rs 150 crore. But after the guidelines by the 15th finance commission, the civic administration revised the property tax collection target to Rs 185 crore.

As per the guidelines, it was mandatory for the civic body to meet the property tax collection target of Rs 185 crore during last financial year to get the funds for various projects under the 15th finance commission.

But due to the continuous efforts by the civic officials, NMC collected property tax of Rs 188 crore for the last financial year 2022-23, which was the highest ever property tax collection in the history of the NMC in the last 40 years.

  • Published On Jul 8, 2023 at 12:00 PM IST

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