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The Pune Municipal Corporation (PMC) is launching an initiative to identify unreported rental properties and recover lost revenue from property taxes. Previously, PMC offered a 40% discount on property tax for self-occupied properties, but many rented properties continued to claim this discount, causing significant revenue loss. Out of 4.5 lakh required submissions, 3.5 lakh homeowners failed to provide self-occupancy affidavits. A pilot project revealed many properties wrongly enjoying the discount. By collaborating with housing societies to identify rentals, PMC aims to generate an estimated INR 100 crore (approximately USD 1.2 million) in additional revenue.
The Pune Municipal Corporation (PMC) is taking steps to recover lost revenue from property taxes. They are launching a new initiative to identify unreported rental properties within the city. Advertisement
Previously, PMC offered a 40% discount on property tax for self-occupied properties. However, many homeowners who rented out their properties continued to claim the discount, resulting in a significant revenue loss for the civic administration.
PMC faced difficulties in verifying occupancy status due to a low response rate for self-occupancy affidavits. Out of 4.5 lakh properties required to submit documents, around 3.5 lakh homeowners failed to do so. A pilot project in the Sinhagad Road ward office revealed that several properties were wrongly enjoying the 40% discount.
To address this issue, PMC has decided to seek assistance from housing societies. Starting next week, they will request detailed information on rented properties from society management. This information will be cross-checked to identify properties availing the 40% discount illegally.
Properties identified as unreported rentals will lose the 40% discount and be subject to additional taxes. This move aims to ensure fair taxation and generate an estimated INR 100 crore (approximately USD 1.2 million USD) in additional revenue for PMC.
PMC encourages homeowners to comply with the process and submit self-occupancy affidavits (PT3 forms) to avoid any penalties. This initiative highlights the importance of accurate property tax reporting and ensures a fairer system for all residents.
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