The Corporation will soon bring lakhs of under-assessed buildings into the property tax fold.
What’s it about? About three lakh people, including individual house owners, commercial properties, and educational institutions, will soon have to pay higher property taxes. Previously, the civic body used to get 30% of its revenue from property tax. After the general revision, it’ll be 50%. The additional revenue will help reduce the corporation’s thousands of crores of debt.
- Among the biggest violators were some private schools and gold showrooms, as they are tax defaulters. Private construction needs to be mapped.
- Linking Aadhaar with property registration and tax payment will help authorities find their default status. Until payment is made, a no-objection certificate can be withheld.
Tax defaulters: The Corporation also named 39 high-profile tax defaulters with arrears of more than ₹25 lakh. Combined, they owe ₹24 crores. Among those are the City Tower hotel, Martech Peripherals, Meenakshi College for Women, and The Presidency Club.