PUNE: The civic administration has collected Rs 500 crore from property tax since the start of new financial year. Total 5.58 lakh property owners have paid their tax since April 1.
The officials in the civic body’s property tax department said that this amount is higher by around Rs 115 crore compared to last year. The number of property owners who have paid tax has increased by 1 lakh. Last financial year 4.58 lakh property tax owners had paid the tax in the first four month.
The citizens, who pay the property tax before May 31 get the discount of 10%.
For the Pune municipal corporation, property tax is one of the main sources of revenue. The department handles the billing and collection of property tax on residential, commercial, plots and other types of properties – held privately or by government (state and union) – within the municipal limits.
Property tax is the tax charged on immovable or tangible real property, such as land, buildings and permanent improvements. Based on assessments, all property holders are expected to pay the tax. PMC assesses all residential and commercial properties situated within its limits. Property tax may also include basic house/building tax plus service taxes such as street tax, and conservancy/scavenging tax. It is collected either half yearly or annually.