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  Metros   Mumbai  12 May 2017  Now avail of rebate by paying property tax early

Now avail of rebate by paying property tax early

THE ASIAN AGE.
Published : May 12, 2017, 3:35 am IST
Updated : May 12, 2017, 3:35 am IST

This fiscal year, the civic body has set a target of Rs 5,400 crore from property tax collections.

The BMC will offer one to four per cent rebate on property tax paid before the scheduled deadline.
 The BMC will offer one to four per cent rebate on property tax paid before the scheduled deadline.

Mumbai: An early bird incentive scheme awaits those who pay their property tax bills well in time. As part of this scheme, the Brihanmumbai Municipal Corporation (BMC) will offer one to four per cent rebate on property tax paid before the scheduled deadline.

According to civic officials, the civic body issues two property tax bills — one for April to September and the other for October to March.

 

Under the “early bird scheme”, a two per cent rebate awaits those who pay the half-yearly amount (April to September) by June 30 instead of the July 31 deadline. Similarly, a four per cent rebate awaits those who pay the next six months’ (October to March) bill by the same time. Those who pay both bills before July 31 can avail a three per cent rebate. However, if only one instalment is paid by July 31, taxpayers will on an average get one per cent rebate.

Only those who do not have an outstanding amount against their names are eligible for rebate under the scheme, said a senior civic official from the assessment and collection department.

 

Municipal corporation officials said that while response to the scheme is somewhat slow, it is increasing gradually. In the last three years 53,852; 75,651; and 89,000 people have taken benefit of the scheme as the civic body has collected Rs 273
crore (2014-15), Rs 439 crore (2015-16) and Rs 1,000 crore (2016-17).

“The purpose of this scheme is to reward citizens who have been paying their taxes on time,” said Bapu Pawar, deputy municipal commissioner (assessment and collection). Property tax is the second highest source of revenue for the civic body after Octroi.

This fiscal year, the civic body has set a target of Rs 5,400 crore from property tax collections.

 

Tags: property tax, bmc
Location: India, Maharashtra, Mumbai (Bombay)