NMC fails to generate property tax bills
May 08, 2014
Source : The Times of India
NAGPUR: Property taxpayers have been taken for a ride once again. The Nagpur Municipal Corporation (NMC) has failed to distribute the property tax bills by April end. The chances of distributing the bills by May end too is bleak. It will not only inconvenience property owners but will also deprive the cash-strapped civic body of much-needed revenue.

According to the norms set by the NMC last year, taxpayers were supposed to get bills by April end and avail rebate of 4% by paying total annual tax or 2% by paying half of the total amount on or before May 31. Now, the rebate cannot be availed if the bills cannot be distributed before May 31.

The norms also make it mandatory for the NMC to recover 2% interest per month for non-payment of property tax by June 30. NMC sources told TOI bills are likely to be distributed in June. There is every possibility that taxpayers may have to pay for NMC's mistake.

The NMC had launched the six-monthly property tax system in the last fiscal. Citing teething problems, the NMC failed to ensure its implementation and fixed the payment schedule for only one year. Right from municipal commissioner Shyam Wardhane to office bearers, including the then standing committee chairman Avinash Thakre and chairman of tax consultative committee Girish Deshmukh, all said that the system would be in schedule from 2014-15.

"Property tax rates are unchanged in this fiscal. Officials were supposed to just check the payments received in 2013-14 and print the bills followed and then distribute it. Checking and updating the data is not complete till date," NMC sources told TOI.

The sources said NMC could have got some money in its coffers had it implemented six-monthly property tax system. "The Pune Municipal Corporation is taking advantage of the system by ensuring distribution of bills by April end every year. An NMC team visited Pune last year and claimed to follow the system but nothing has happened," the sources said.

Additional deputy municipal commissioner Pramod Bhusari and tax assessor Shashikant Hastak were not available for comments.

Deshmukh told TOI that the process will be expedited in the coming days. "I could not hold review meetings due to the election code of conduct," he said.

Sources said the administration has not been serious about the six-monthly property tax system since the transfer of additional deputy municipal commissioner Ravindra Kumbhare. "The system was prepared and launched by Kumbhare to facilitate good services to the taxpayers and increase the NMC's revenue," the sources said.


Latest Realty News

Don’t fine floating loan prepayments, says RBI
May 08, 2014
MUMBAI: Providing relief to borrowers, the Reserve Bank of India (RBI) on Wednesday directed banks not to levy any penalty on individual borrowers for prepaying floating loans.
1-4% rebate on property tax for early birds
May 08, 2014
MUMBAI: The Brihanmumbai Municipal Corporation (BMC) has decided to give rebate in the property tax bills of people who pay early.
REITS: Challenges for the new government
May 08, 2014
MUMBAI: Although REITs is not a new name in India, the government is still in the process of formulating legislations for it in the Indian real estate market. Indeed, implementing REITs is one of the challenges that the new government faces.
MIAL raises Rs 1,400 cr to fund capex plan
May 08, 2014
MUMBAI: Mumbai International Airport Ltd (MIAL) has raised Rs 1,400 crore of long-term debt from Axis Bank and IDBI Bank for capital expenditure and repayment of debt.
BlackBerry to sell its Canadian real estate for $278 million
May 08, 2014
MUMBAI: Smartphone-maker BlackBerry will sell a majority of its real estate holdings in Canada to real estate investment firm Spear Street for about $278 million.
What are Real Estate Investment Trusts or REITs?
May 06, 2014
MUMBAI: Swatantra Kumar explains: REITs or are a special type of investment vehicle which operate more like mutual funds but invest in real estate properties for returns. These properties are usually income generating properties, commercial or residential, and the returns from such investments are passed on to the investors in the REITs.
Equity beats real estate gains in long run
May 06, 2014
MUMBAI: There has been a deluge of offer s through advertisements aimed at prospective home buyers, for those who will live in that property and also those who want to buy a property as an investment. For the second option-that is buying a real estate now as an investment for future gains-a widely accepted opinion is that investing in property is the best investment, even better than investing in shares. We analyze this belief by looking at the pros and cons of such an investment, and whether th
Buy a flat in Mumbai: Check approvals, plans online soon
May 06, 2014
MUMBAI: Mumbaikars will soon be able to make an informed decision before purchasing a house in the city.
SC refuses to extend May 31 deadline to vacate illegal Campa flats
May 06, 2014
MUMBAI: It seems to be curtains for the legal battle launched by Campa Cola compound residents to save their illegal flats with the Supreme Court on May 5 declining to extend the May 31 deadline to vacate their aprtments for demolition.
Nagpur Municipal Corporation to auction properties seized for tax default
May 02, 2014
NAGPUR: The Nagpur Municipal Corporation has decided to now auction properties of the property tax defaulters to recover dues. The civic body will first publicly release names of major defaulters and then auction the properties if they still do not pay up.

Latest Realty News Of State

Realty Talk's