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The Nashik Municipal Corporation (NMC) recently reported a property tax collection of INR 200 crore, marking a 33% increase compared to the same period last year. This growth is attributed to the success of the amnesty scheme introduced in October 2024, which helped collect INR 55 crore. The NMC had set a target of INR 250 crore for the 2024-25 financial year and needs to collect an additional INR 50 crore within the next three months to meet this goal. With an outstanding tax due of INR 600 crore, including penalties, the NMC is focused on recouping funds through schemes and penalties.
The Nashik Municipal Corporation (NMC) has seen a notable rise in its property tax collection, reaching INR 200 crore, which is a 33% increase compared to INR 150 crore collected during the same period last year. For the 2024-25 financial year, the NMC set a property tax collection target of INR 250 crore. With INR 50 crore still to be collected in the next three months, NMC officials are optimistic about meeting this target. Advertisement
A significant factor contributing to this growth has been the success of the amnesty scheme, launched on October 1, 2024. The scheme, which offers a 95% penalty concession to defaulters who settle their dues before December 31, 2024, has generated INR 55 crore. Under the scheme, INR 25.91 crore in penalties has been waived. This scheme has played a crucial role in bringing in these collections.
The previous financial year, 2023-24, saw the highest-ever property tax collection for NMC, reaching INR 207 crore. This year, the NMC is likely to surpass that record, marking a milestone in its history. However, the NMC still faces a large property tax backlog of INR 600 crore, which includes INR 268 crore in penalties. A 2% penalty is imposed every month on overdue payments, and the NMC also recovers the costs associated with issuing notices and warrants to defaulters.
Officials emphasized that the amnesty scheme will continue into January 2025, but with a reduced penalty rebate of 85%. After the scheme ends on January 31, 2025, defaulters will face penalties and legal action for any outstanding dues.
The NMC's property tax collection has shown impressive growth, with INR 200 crore already collected this year, thanks to the success of the amnesty scheme. The 33% increase compared to last year's INR 150 crore is a clear indication of the scheme's effectiveness. With three months remaining to meet its INR 250 crore target for the 2024-25 financial year, the NMC is on track to achieve a record high. The amnesty scheme has played a significant role, helping the civic body collect INR 55 crore and waive substantial penalties. However, with INR 600 crore in dues still pending, the NMC will need to continue enforcing penalties and taking action against defaulters in the coming months.
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