Nashik Municipal Corporation (NMC) has decided to increase property tax by two per cent in the financial year 2025-26 to increase revenue. Also, it has revised the assessment rate of new industrial properties and implemented a new tax levy system for leased properties.
Property tax has been increased after seven years. With the increase of one per cent each in general sanitation tax and water benefit tax, property owners will have to bear an additional burden of two per cent. The NMC has changed the tax system to encourage those who give out properties on lease. Now, the tax will be levied by considering the assessment rate of 30 per cent more than the regular assessment rate.
The monthly rate per square foot for RCC construction in new industrial and factory buildings has been increased from Rs 1.20 to Rs 1.80 and for sheds from Rs 1 to Rs 1.40. However, these rates will not apply to old properties. In addition, Rs 350 per square meter will have to be paid as plot development fee. It is estimated that this decision of the Municipal Corporation will increase the income.
