Saturday, December 25, 2010

Property tax concession likely to be withdrawn

Property tax concession likely to be withdrawn

Property tax concession likely to be withdrawn

Posted: 24 Dec 2010 03:40 PM PST

PUNE: Property tax in the city is likely to increase as the civic administration has proposed to withdraw the 40 per cent concession it extends to owner-occupied residential property.

In another proposal, a hike in octroi for essential commodities, including foodgrains and fuel, has been suggested.
Both the proposals will be tabled before the standing committee next week.

"Under the JNNURM, the PMC has signed a memorandum of understanding to withdraw concessions. If the concessions are not withdrawn, flow of funds under the scheme will be affected," municipal commissioner Mahesh Zagade has said in the proposal.

"In 1970, the PMC had approved a proposal to extend 40 per cent concession in standard rent, besides resolving to give 15 per cent concession in rent for repairs. As a result, it could fetch only Rs 242 crore," states the proposal.

The PMC has 5,46,122 residential properties under its ambit.

"The administration proposes to withdraw 40 per cent concession in standard rent and reduce concession for repairs to 10 per cent from existing 15 per cent. The PMC has initiated various developmental works and more funds will be required," says the proposal.

As far as octroi is concerned, it is a major source of income the municipal corporation. "Some commodities have been left out of the octroi net while the existing octroi income is insufficient to carry out development projects," states the proposal.

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