Pay your property tax in advance, get concession
Jun 14, 2014
Source : The Times of India

 

THANE: The Thane Municipal Corporation (TMC) has restarted its earlier scheme of giving concessions to residents who pay property taxes in advance. Under the scheme, residents who paid the entire year's property tax in May were given a concession of 5%. Similarly, the TMC will give 4% concession to those who pay the entire year's tax by June, 3% by July and 2% in August.

For the fiscal 2014-15, the TMC has set a target of over Rs 280 crore for property tax. In 2013-14, the TMC collected property tax of Rs 245 crore.

Senior property tax officials said that the scheme will benefit the residents as well as the civic body, which will garner enough revenue to pay for ongoing development works.

The scheme of giving concessions to residents for paying property tax in advance was stopped in the financial year 2012-13 as the TMC had started issuing six monthly property tax bills to residents. The scheme (of giving concession) was launched in the financial year 2011-12.

Social activists such as Chandrahas Tawde have been asking the TMC to restart the scheme.

"Residents know the property tax to be paid during the budget session itself. If there is no hike in the tax rate, the tax amount remains fixed. So, residents would pay the tax in April itself as the concession of 5% offered by the TMC gives them an opportunity to save some money," said a social activist.

The civic body, incidentally, would collect up to 90% of the total estimated property tax within the first three months of the financial year.

After the scheme was stopped, unpaid tax bills piled on, resulting in the TMC having to send constant reminders.

At the same time, the civic body is also gearing up its machinery to recover unpaid property tax dues from closed mill owners or management, collapsed buildings and merged villages.

"The money from people who have defaulted on payment of taxes from these sectors must be over Rs 100 crore," said a civic official.

For instance, over two decades ago, several villages such as Kausa, Mumbra, Diva and Shil Phata were merged with the TMC, but till date the villagers refuse to pay tax to the civic body. Similarly, over one-and-half dozen mills that have closed down in the past have not paid dues to the TMC.

Latest Realty News

Overseas funds make a beeline to invest in India
Jun 14, 2014
MUMBAI: Several sovereign wealth funds (SWF) and overseas pension funds are rushing to invest in India, driven by hopes of economic recovery under a new stable government. At least three sovereign funds from West Asia have invested over $5 billion in the past eight months and one global pension fund has committed to invest $450 million.
Infrastructure growth driving Mumbai’s realty
Jun 14, 2014
MUMBAI: Infrastructure is one of the deciding elements for finalising a property. A location that has good infrastructure development, commands high property rates and has good growth prospects and vice-versa. Shailesh Puranik, managing director, Puranik Builders, explains that “Buyers generally look out for basic infrastructure such as good and widened roads, easy connectivity to railway stations, airports, arterial roads, adequate supply of water and electricity, enough open spaces, and others
Pune’s real estate market is balancing both worlds
Jun 14, 2014
PUNE: Witnessing a surge in residential and commercial spaces, Pune real estate market has been expanding its horizons.
Zooming in on Kharadi in Pune
Jun 09, 2014
PUNE: The residential property market has altered Pune’s landscape and changed the city’s dynamics.
Pune’s realty market is within your reach
Jun 08, 2014
PUNE: The definition of an affordable property varies across the country and changes from city to city. An affodable housing segment of Mumbai may possibly fit into the premium segment of Tier II cities. Pune’s realty market is very dynamic and it offers space for all the segments, but the locality is different for each property class.
Redevelopment of pagdi properties in Mumbai
Jun 01, 2014
MUMBAI: For redevelopment of tenancy properties, there are three parties between which the agreement for redevelopment is done
The opportunity in Mumbai’s inventory overhang
May 31, 2014
MUMBAI: The uncertainty in the real estate market has existed for some time now. With the market having been in a wait and watch mode and the growth figures of the Indian economy not looking so bright currently, the developers in Mumbai have found it tricky to offload their inventory. New property launches have definitely reduced in the market. This situation has led to a price reduction and handsome discounts or attractive freebies have been around for some time.
NMC property tax dept bifurcation in limbo
May 28, 2014
NAGPUR: The Nagpur Municipal Corporation (NMC) property tax department's bifurcation proposal is likely to be relegated to the back burner. The NMC union headed by BJP state president and South-West Nagpur MLA Devendra Fadnavis has opposed the proposal by leaders of BJP-led ruling alliance.
3 sell property by producing bogus owner
May 28, 2014
NAGPUR: Three men have been booked for fraud after they allegedly sold a property by bringing a bogus woman to pose as the owner, and submitted fake documents with forged signatures at the assistant district deputy registrar's office. Property owner Shama Khan, 47, a resident of Jahangir Manzil Road, Chhaoni, filed a complaint at Dhantoli police station on Wednesday evening.
Affordable Housing in Delhi,Property in Delhi,Real Estate in Delhi
May 28, 2014
MUMBAI: After facing flak for being “inhuman” when evicting residents to raze the 35 illegal floors in Worli’s Campa Cola compound last November, the BMC is now treading carefully.

Latest Realty News Of State

Realty Talk's