The Nashik Municipal Corporation (NMC) received a substantial increase in property tax collection during April, thanks to the 8 percent discount offered to taxpayers who paid their yearly tax amount promptly. Over 1.5 lakh taxpayers collectively paid property taxes amounting to approximately Rs 50 crore. The municipal government has set a target revenue of Rs 210 crore for property tax collection in the upcoming fiscal year of 2023-24. NMC is promoting community collaboration and reliability by providing rewards for punctual tax payment and environmentally friendly behaviour, enhancing citizens' involvement in the city's growth.
The Nashik Municipal Corporation's resolution to offer an 8 percent discount to taxpayers who promptly paid their yearly property tax in April appears to have produced satisfying outcomes. During the designated month, more than 1.5 lakh taxpayers collectively paid property taxes amounting to approximately Rs 50 crore.
The NMC gathered a significantly higher amount of property tax this year compared to the same month of the previous year, as last year's collection amounted to only Rs 22 crore, which is less than half of the current collection.
Officials from the municipal government have announced a tax incentive that rewards individuals who pay their full annual tax amount in a single payment during the month of April. In a similar fashion, taxpayers who promptly pay their taxes have the opportunity to receive a discount of 6 percent in May or 3 percent in June.
An anonymous NMC representative informed TOI that the rebate scheme was well received in April, resulting in the collection of property tax amounting to Rs 50 crore. Even on the last day of the month, which fell on a Sunday, individuals persisted in making a lump-sum payment for their yearly property tax. NMC authorities predict a minimum revenue influx of Rs 100 crore from property taxes before June 30th, attributed to the generous discounts offered on property taxes.
During this time, NMC's divisional offices remained operational on Sunday to assist enthusiastic city dwellers in making property tax payments. The previous fiscal year saw the local government establishment aim to acquire a sum of Rs 150 crore through property tax collection. Nevertheless, following the directives provided by the 15th Finance Commission, the municipal government adjusted its objective for gathering property taxes to a sum of Rs 185 crore.
In accordance with the guidelines, NMC will only be eligible for funding from multiple projects under the 15th Finance Commission if they manage to meet the property tax collection goal. Thanks to the diligent work of civic officials, the NMC was able to amass a staggering sum of Rs 188 crore in property tax revenue for the 2022-23 fiscal year. This remarkable achievement has set a new record for the civic body, representing the largest property tax collection in the past four decades.
The target revenue for NMC's property tax collection in the upcoming fiscal year of 2023-24 has been set at Rs 210 crore. NMC is promoting collaboration and reliability in the community by providing rewards for punctual tax payment and environmentally friendly behaviour; consequently, this can enhance citizens' involvement and eagerness to support the city's growth.
This story was first published in Time of India
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