Prominent government entities and private properties in a city have recently paid a total of Rs 2.94 crore in arrears for property tax to the Municipal Corporation (MC). The Punjab government's public works department tops the chart with a payment of Rs 88.7 lakh. Following shortly after is the engineering branch of the UT management, which has deposited a sum of Rs 77.19 lakh. Delhi Public School (DPS) has disbursed a sum of Rs 54.54 lakh, while ICS (Jagat) Hotel and Punjab Packages Private Limited have respectively paid off Rs 40 lakh and Rs 23.7 lakh. The MC aims to collect Rs 92 crore through property taxes during the fiscal year.
Between April 1 and May 18, prominent government entities and private properties paid a sum of Rs 2.94 crore in arrears for property tax to the Municipal Corporation (MC).
The Punjab government's public works department tops the chart with a payment of Rs 88.7 lakh. Following shortly after is the engineering branch of the UT management, which has deposited a sum of Rs 77.19 lakh. Delhi Public School (DPS) has disbursed a sum of Rs 54.54 lakh, while ICS (Jagat) Hotel and Punjab Packages Private Limited have respectively paid off Rs 40 lakh and Rs 23.7 lakh, with a college affiliated to Panjab University contributing a sum of Rs 9.59 lakh.
There are many governments and privately owned properties that have overdue payments that are yet to be resolved. The revenue generated from these assets is quite promising. Sources revealed that they are bringing up the issue with the owners, who have yet to settle their outstanding debts.
As of last week, the municipal corporation has collected property taxes amounting to Rs 17.44 crore. According to the records, a sum of Rs 9.36 crore has been obtained from commercial real estate, while Rs 8.08 crore has been generated from residential premises. Out of the overall number of taxpayers, 31,971 belong to the residential category, and the remaining 6,582 are from the commercial segment, amounting to a total of 38,553 taxpayers.
During the months of April and May, the MC is offering a discount of 20% on taxes for residential properties, while commercial properties can receive a discount of 10%. Once the rebate period comes to a close, individuals who fail to pay their taxes can expect to be charged a penalty of 25 percent in addition to an interest rate of 12 percent.
The MC places great importance on the revenue generated from property tax, considering it one of their primary sources of income. The local organization has set a goal of collecting Rs 92 crore through property taxes during the current fiscal year. There are approximately 1.42 lakh properties in the city subject to taxation. Of all the properties, 1.12 lakh are for residential purposes, while the other 30,000 serve commercial purposes. Additional real estate has been included based on a survey conducted by the MC.
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