The Nashik Municipal Corporation (NMC) in India has experienced a boost in property tax revenue with the inclusion of newly acquired properties. The addition of a minimum of 51,000 newly identified properties has contributed an extra annual revenue of Rs 25 crore. The NMC has been focusing on expanding the range of properties subject to taxation, particularly those without proper building completion certificates. This initiative has led to a rise in the overall count of taxed properties in Nashik city, which now stands at 5.33 lakh. The NMC aims to achieve a property tax collection of Rs 210 crore for the current fiscal year.
As per the property tax department, the newly acquired properties by the NMC have contributed an extra annual revenue of Rs 25 crore. In the previous fiscal year, the local authority successfully added a minimum of 51,000 newly identified properties to its taxation system. The recent addition has resulted in a rise in the overall count of taxed properties in Nashik city, which now stands at 5.33 lakh.
One of the reasons for the highest ever property tax collection of Rs 188 crore by the NMC in the previous fiscal year was the inclusion of newly added properties in the tax bracket. This expansion is a relatively recent development in the history of the NMC, dating back approximately 40 years. NMC has established the objective of achieving a property tax collection of Rs 210 crore for the current fiscal year.
Last year, the local government initiated a campaign to expand the range of properties subject to taxation, with a particular focus on those that are being used without the proper issuance of building completion certificates (BCC) by the NMC. According to NMC officials, the aim of this initiative was to boost the civic body's income by levying higher property taxes.
Currently, there are more than 2,000 construction undertakings comprising 50,000 residences in progress within the city limits, with an estimated time of completion within the upcoming two years. According to officials, it is anticipated that an equivalent number of properties will come under tax coverage in the upcoming two years as well. The NMC authorities stated that they will persist in pinpointing fresh properties within the six divisions that can be promptly included in the taxation system.
In the latest fiscal year of 2021–22, the NMC continued its impressive streak of collecting property tax, amassing a record-breaking sum of Rs 150 crore. This marks the highest-ever collection by the civic body since its inception. Nonetheless, the tax expanse witnessed an increment in FY 2022–23 due to the inclusion of novel assets.
A certificate of completion encompasses comprehensive information on the construction project, such as the address and particulars of the lot, the identity of the owner or developer, the building's elevation, and the calibre of materials employed. The text indicates if the construction adheres to the blueprint and follows the regulations established by the city government, which cover aspects such as the space between the edifice and the street and the space between nearby constructions, among others.
Obtaining this certificate is essential for guaranteeing the provision of fundamental necessities like water, electricity, and drainage infrastructure. The buyer cannot take possession of the property until they have obtained the completion certificate from the builder.
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