Navi Mumbai: Civic body surpasses property tax target, collects over ₹600 crores

Navi Mumbai Municipal Corporation (NMMC) has set a record in property tax collection for the financial year 2022-23. The civic body crossed ₹600 property tax collection for the first time. It has also crossed the revised target of property tax of ₹575 crores, a day before the end of the financial year. Property tax is one of the major sources of revenue for the corporation.

As per the data shared by the Property Tax department of NMMC, till the evening of March 30, the civic body already collected ₹606 crores.

Civic body to keep offices open on March 31 for tax collection

There is a holiday on account of Ramnavmi on March 31 which is also the last day of the financial year. However, the civic body will open its offices to facilitate the tax payment for property tax owners.

In the last financial year, the civic body had collected a total of ₹526 crores which was around 10 percent less than the budget estimate. The civic body set ₹801 crores in property tax collection for the financial year 2022-23. However, data from the LiDAR survey was not available and the civic body revised the target of ₹575 crores. However, one day before the end of the financial year, the civic body crossed ₹600 crores which is a record since the inception of the corporation.

NMMC had come up with amnesty scheme in February

In February, NMMC came up with an Amnesty Scheme to provide interest waivers on pending property taxes for 45 days. Now, citizens can take benefits till March 31, 2023. Under the scheme, the civic body provides a rebate of up to 75% on the penalty amount of arrears of property tax. However, from March 16 to March 31, the property owners will get a 50 percent discount on the penalty for the delayed payment. According to the civic body, a total of 12,068 individuals and organisations took benefits of the scheme and around ₹109.37 crores interest was waived off by the corporation.

The civic body also issued notices and attached properties for major defaulters. More than 150 defaulters with arrears of more than 10 lakhs were attached of which around 100 defaulters paid their dues immediately.

NMMC property tax collection in the last four financial years

2019-20: ₹558 crores

2020-21: ₹534 crores

2021-22: ₹526 crores

2022-23: ₹606 crores (till 5 pm on March 30, 2023)