PUNE: The Pune municipal corporation (PMC) has earned around Rs 670 crore from property tax since the start of the current financial year i.e. April 2013.
Vishal Tambe, chairman of the civic standing committee, while speaking with reporters said that the review of the property tax income was taken during the standing committee meeting on January 7. The target is to get Rs 740 crore by the end of this financial year. The civic body has to earn around Rs 70 crore till March 2014.
“The civic administration has carried out a special drive to find out properties that are not in tax ambit. The drive has found out around 20,000 properties,” said Tambe.
Property tax is one of the main sources of revenue for the PMC. The department handles the billing and collection of property tax on residential, commercial and other types of properties held privately or by state and Union governments within the municipal limits.
Property tax is the tax charged on immovable or tangible real property, such as land, buildings and permanent improvements. PMC assesses all residential and commercial properties situated within its limits, based on which the owners have to pay the tax. The levy may also include basic house/building tax plus service taxes such as street tax, and conservancy/scavenging tax. It is collected either every six months or annually. Citizens who pay their dues before May 31 get a discount of 10%.