Two Lakh Pune Property Owners to Receive Increased Tax Bills as Exemption Window Closes
Pune, 19th December 2023: Approximately two lakh property owners who failed to apply for the 40 percent tax exemption are now set to receive increased bills, according to the Taxation and Tax Collection Department. of the Pune Municipal Corporation (PMC). This is expected to generate an additional income of Rs 50 crores. Going forward, individuals seeking exemptions will only be eligible from the next financial year, starting April 1, 2024.
Earlier, the municipal administration had initially decided to discontinue the annual 40 percent discount on residential properties in the city from April 1, 2023. However, due to its significant impact, a proposal was sent to the state government to retain the discount for the current financial year, a decision later approved by the Cabinet. The scheme, applicable to over 3.5 lakh property owners, resulted in notices of increased payments sent to those who paid additional property tax with arrears. The scheme concluded on November 30.
Out of the 3.5 lakh property owners, only one lakh applied for exemption. They will receive adjustments for the increased amount in four equal installments. Meanwhile, increased payments will be disbursed to those beneficiaries who did not apply for exemption.
