The Nashik local government gains Rs 46 crore in revenue in six months by bringing 25,000 houses inside the tax net.

NASHIK: Over the previous six months, the Nashik Municipal Corporation’s (NMC) property tax department has added 25,000 new properties to its tax rolls, according to a Tuesday statement from officials.

60% of these 25,000 properties come from just the Panchavati and Cidco divisions. According to NMC authorities, these properties will generate an additional Rs 46 crore in revenue for the local body.

In all six of the NMC’s divisional offices, teams of officials have been established, according to NMC officials. “Our teams visited the newly-built residential projects based on the details of their building completion certificates (BCCs) and identified 25,000 residential properties without levying property tax,” an official stated.

“We evaluated these residential properties and included them in the tax system. The source continued, “We will be collecting from them a total of Rs 46 crore, which comprises property tax for the last two years and the current financial year.

“With the inclusion of these additional properties, the total number of properties under the property tax department of the civic body’s tax net has surpassed Rs 5.25 lakh,” he continued.

Including new homes in the property tax net is one of the local body’s attempts to enhance revenue, as it has set a target of Rs 210 crore for property tax collection for the current financial year.

Property tax revenue has reached Rs 153 crore thus far, falling Rs 57 crore shy of NMC’s goal. The civic body received Rs 188 crore in property tax revenue last year.