Interest on property tax arrears waived off

Giving relief to the tax payers, Haryana chief minister Manohar Lal Khattar on June 21 announced a one-time waiver of interest on the property tax due since 2010.

Those who pay their arrears of the past five years within the next two months would not be charged the penalty interest levied on the pending tax.

Khattar made the announcement while addressing a gathering at the foundation stone-laying ceremony of the new office building of the municipal corporation in Karnal.

Besides, a rebate of 30% on all outstanding arrears for 2010-11 and 2012-13 would also be given if the property tax was paid within two months. In addition, the 10% rebate on property tax for 2015-16 fiscal has also been extended up to August 31.

According to information, around 60 lakh people pay property tax in the state. Officials in the Haryana urban local bodies department said the work for the assessment and collection of property tax was in progress and the announcement would provide the much-awaited relief to the residents.

The announcement has come days after Gurgaon MP Rao Inderjit Singh requested the chief minister to waive off the 18% interest imposed on defaulters who have paid the tax in the above the mentioned years. The MCG officials too have welcomed this move and are hoping that many residents will come forward and pay the arrears.

Source: PropertyatNeoDevelopers.Wordpress.Com

Pay property tax by May 30

Property owners who haven't paid their property tax dues yet have a week more to do so. The last date to pay property tax for the full year is May 30. Earlier this month, as an incentive, the Bruhat Bengaluru Mahanagara Palike (BBMP) gave an extension on the five percent rebate on payment of tax amount in full from April 30 to May 30.The rebate is available only for property owners who are paying the entire tax amount for the assessment year 2015-16.

Property owners who have opted to pay property tax in installments have to pay the first installment by May 30. Those who miss this date will be charged two percent interest as penalty every month thereafter till the payment is made, calculated on the total tax payable. The second installment is to be paid by November 29, 2015.

Taxpayers have the option to make payments online via the BBMP's website or through netbanking. Online payment can be made through the BBMP's website with MasterCard and Visa debit/credit cards issued by any bank. No transaction charges will be levied. Taxpayers can also make the payment through netbanking.

Tax dues can be paid in cash at BBMP help centres, the respective sub-divisional Assistant Revenue Officer (ARO) offices or in any of the Bangalore one centres across the city if the tax payable is less than Rs 1,000. Payments above Rs 1,000 can be made through demand draft (DD), cheque or debit/credit cards.

Payments can also be made in cash, by cheque or DD at select branches of nine banks.You can get application forms on payment of Rs 5 at Bangalore One centres, bank branches and ARO offices or download a form from the BBMP's website, fill up the form and submit it at the centre chosen.

Source: PropertyatNeoDevelopers.Wordpress.Com

State mulls hike in property tax to fund infrastructure projects

A revision of property tax rates in the state may be in the pipeline. Senior officials in the urban local bodies department (ULB) told that property tax could be raised to give municipal corporations extra funds to carry out development work.

For this, the ULB has asked all municipal corporations in the state to furnish details of property tax collected in the past 10 years by the end of this month. It has also asked for specific records including data of tax collected in keeping with the taxation policy of 2000-01 and the difference in revenue after the policy change in 2008-09.

Details of the extra burden on the exchequer after the previous government ordered a wavier in 2009 have also been sought by the ULB, officials said.

A senior ULB official said the corporations need more funds to provide water supply, sanitation, sewerage management, and building and maintenance of roads. "If we continue to stick to the existing policy of Re 1 per square yard, it will only increase the burden on corporations and local bodies," he said.

ULB director Pankaj Agarwal, however, assured that property tax details would be studied carefully before any changes are made. He said that records of how corporations spent the revenue generated in the past 10 years have also been sought.

"We have not taken any decision yet but have asked all corporations to submit data to analyse revenue inflow after change in policies," he said. Agarwal said that it was too early to decide on any revision of rates. "A detailed study of data for property tax collected according to the policy prior to 2009-10 and revenue generated after the policy of 2010-11 is essential before any change is considered," he said.

Source: PropertyatNeoDevelopers.Wordpress.Com