Property

Notices served to illegal properties

1 Mins read

Image result for taxPUNE: The property tax department of Pune Municipal Corporation (PMC) has issued notices to 200 illegal properties and has also sealed three properties. “The notices have directed the property owners to pay three times more tax. This amount will be charged as fine for failing to pay the tax on time,” a statement issued by the civic body said.
As per the PMC officials, action was taken in the Ahmednagar road areas following a survey. The commercial, as well as residential properties, will face action. These property owners have not completed the process to construct the buildings or they have carried out additional construction than permitted. Property tax is a levy issued by the government on a person’s real or personal property. The property is assessed to give it a value and, then, that value is taxed. The amount of tax owed is determined by multiplying the fair market value of the property by the current tax rate.
This tax is one of the key sources of revenue for the civic body which, on an average, collects the tax of around Rs 700 crore annually. Owners of around 8 lakh properties in the city, including open plots, commercial and residential properties, are liable to pay the tax based on an assessment by PMC. The property tax department plans to use the geographical information system (GIS) to register properties in the city. The system is expected to be functional by November.

 

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