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The Municipal Corporation (MC) has collected a sum of Rs 42.47 crore as property tax within the duration of two months during which the rebate period took place. Notably, the amount received was influenced by significant contributions from different entities, including Rs 1 crore paid by both the Panjab University and the UT administration, Rs 88 lakh from PGI, and Rs 50 lakh paid by the civic body.
About 1.42 lakh taxpayers are present in the city, out of which 64,000 individuals who possess residential properties and 16,000 individuals who have commercial properties have made their tax payments during the months of April and May.
Commercial properties account for a significant portion of the total revenue, contributing Rs 26.89 crore, while residential properties contribute Rs 12.56 crore. Additionally, Rs 1.07 crore has been generated from book entries, and an additional Rs 1.95 crore has been collected through annual garbage collection charges, which are included in the tax payment.
The Municipal Corporation of the city determined the property tax for the period of 2023–24 as per clause 2(ix) of the MC property Bye-laws 2003 using the Self-Assessment Scheme. They have sent notifications to approximately 1.42 lakh property assessors to collect their tax dues, out of which 80,520 individuals have paid their legal property tax obligations.
As the rebate period expires, property owners will be subject to a 25 percent penalty and an annual interest rate of 12 percent from the issuance date of the bill until the payment is made. Furthermore, measures will be taken to reclaim the outstanding debts in accordance with Section 138 of the Municipal Corporation Act.
The MC provided a discount of 20 percent for residential properties and 10 percent for commercial properties. The tax jurisdiction covers approximately 142,000 properties in the city, with 112,000 being residential and 30,000 commercials. In the fiscal year following the survey by the MC, additional properties were included in the listing. The civic authority amassed a sum of approximately Rs 70 crore from property taxes in the previous year.
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