NMC not ready to waive tax on properties with less than 500 sq ft space
Real Estate

NMC not ready to waive tax on properties with less than 500 sq ft space

The Nashik Municipal Corporation (NMC) administration is not ready to waive property tax on smaller flats measuring less than 500 sq ft, even though the NCP city unit and mayor Satish Kulkarni have pitched for it.

The NMC authorities told the media that of the total 5.5 lakh properties in the city, about 2.5 lakh measure less than 500 sq ft. Additionally, about 50% of the total income via property tax comes from this segment, which is estimated at Rs 50 crore.

The move will adversely impact NMC's property tax collection, thereby impacting the financial health of the civic body. Thus, the property tax for the smaller properties would not be waived, said NMC authorities. The civic body authorities further told the media that by 2010, the city had a total of 3.5 lakh properties on record and about 2.5 lakh houses measured less than 500 sq ft.

Most of the flats in the old city and other regions were smaller, and there was more demand for the properties less than 500 sq ft. The trend of larger apartments and housing properties boosted during the last decade.

NMC responses came after city mayor Satish Kulkarni urged the property tax department of the NMC to present the offer of waiving property tax for the smaller properties from April 1.

The NCP Nashik city unit has additionally made such a demand to the district guardian minister Chhagan Bhujbal. Kulkarni said that poor and middle-class families live in smaller residential properties, and a property tax waiver will provide significant relief to these families.

NMC authorities further said that the NMC's income via property and water taxes has been adversely impacted due to the Covid pandemic during the last two years.

Image Source

The Nashik Municipal Corporation (NMC) administration is not ready to waive property tax on smaller flats measuring less than 500 sq ft, even though the NCP city unit and mayor Satish Kulkarni have pitched for it. The NMC authorities told the media that of the total 5.5 lakh properties in the city, about 2.5 lakh measure less than 500 sq ft. Additionally, about 50% of the total income via property tax comes from this segment, which is estimated at Rs 50 crore. The move will adversely impact NMC's property tax collection, thereby impacting the financial health of the civic body. Thus, the property tax for the smaller properties would not be waived, said NMC authorities. The civic body authorities further told the media that by 2010, the city had a total of 3.5 lakh properties on record and about 2.5 lakh houses measured less than 500 sq ft. Most of the flats in the old city and other regions were smaller, and there was more demand for the properties less than 500 sq ft. The trend of larger apartments and housing properties boosted during the last decade. NMC responses came after city mayor Satish Kulkarni urged the property tax department of the NMC to present the offer of waiving property tax for the smaller properties from April 1. The NCP Nashik city unit has additionally made such a demand to the district guardian minister Chhagan Bhujbal. Kulkarni said that poor and middle-class families live in smaller residential properties, and a property tax waiver will provide significant relief to these families. NMC authorities further said that the NMC's income via property and water taxes has been adversely impacted due to the Covid pandemic during the last two years. Image Source

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