Ludhiana civic body hopes to earn 150 cr property tax

With the current fiscal year yielding a property tax recovery of Rs 102 crore, municipal officials are setting their sights on a target of at least Rs 150 crore in collections by March 2024. Officials have indicated that, with the conclusion of the 10% rebate period, their primary focus will now shift towards recovery efforts, supported by a one-time settlement (OTS) policy, and contacting individuals who remain in arrears. Since the implementation of the OTS policy on September 14, municipal authorities have successfully reclaimed Rs 3.20 crore in unpaid property taxes. Notably, several defaulters settled their dues before the OTS came into effect. For the period spanning October to December, no rebates apply to property tax payments, and the one-time settlement policy is in place without interest. Additionally, penalties are applicable until the end of December. Officials have disclosed their intention to conduct a thorough review of malls and commercial properties with the aim of increasing tax returns. In particular, commercial properties in areas such as Sarabha Nagar and BRS Nagar are under scrutiny, as authorities have identified instances where property owners receive substantial rent but have not been accurately reporting their tax obligations. This proactive approach is expected to bolster revenue collection efforts and ensure that property taxes are paid in accordance with the applicable regulations.