Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
In April, the Municipal Corporation of Chandigarh received a total of Rs 4 crore in taxes from approximately 12,000 property owners. These owners are said to have benefited from the rebate programme that was offered for two months for both commercial and residential properties.
The local government managed to collect a substantial amount of property tax revenue during the first month of its promotional period, which provides a discount of 20 percent for residential properties and 10 percent for commercial properties in April and May. The total amount of tax received by the local authorities was roughly Rs 3.20 crore, which came from 11,500 residential properties, as well as around Rs 70 lakh from commercial properties. The MC anticipates a greater number of individuals will comply with tax payments in the upcoming month of May.
According to sources, historical data indicates that May often sees a rise in tax collection due to the availability of rebates. Starting in June, those who fail to pay their taxes will be subject to a penalty fee of 25 percent and an interest rate of 12 percent on the outstanding amount. An official from the MC stated that there are several payment options available for property tax. In the event of any problems, uncertainties or financial discrepancies, the governing body will investigate and resolve the matter to ensure the taxpayers are content.
There are 1.42 lakh properties within the tax jurisdiction of the city. Out of a total count, 1.12 lakh are classified as residential while the remaining 30,000 fall under the commercial category. As a result of an MC survey, several new properties have been included in the list, predominantly falling under the residential category.
The property tax on commercial lands and buildings came into effect on November 22, 2004. The Municipal Corporation of Chandigarh (MCC) imposes property taxes on individuals who possess properties within the city's boundaries. The government generates income from property taxes, which is then used to improve the quality of civic services offered to the inhabitants of the city. All types of real estate, including residential, commercial, industrial, and institutional properties, are subject to the property tax. It is critical to pay property taxes on time to avoid penalties or legal issues.
The municipal corporation of Chandigarh offers a reduction or exemption on property tax to certain qualifying groups of individuals. People who are serving in the military or retired, or have disabilities, as well as widows, can avail themselves of a 30 percent discount on their property tax. Educational and religious organisations can receive a complete waiver on property tax.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
