The South Corporation collected Rs 51,923.90 crore in property tax this year, which is one of the major sources of revenue for the civic body. Of the 16 lakh properties in its jurisdiction, only 25% fall in the tax bracket. Besides, there are six to seven lakh properties in unauthorised colonies, which previously weren’t required to pay property tax but now they do.
Like the North Corporation, the south civic body too has proposed a 1% increase in property tax for residential properties under categories C, D and E; and a 2% hike for properties in A and B categories. For commercial property, a 5% hike has been proposed for A to H categries, including jewellery shops, guest houses, restaurants without bars or AC, liquor shops, etc.
The 15% rebate offered to citizens for timely payment of property tax has been proposed to be slashed to 10%. Senior citizens, differently-abled and women who were eligible for a rebate of 30% for 200 sq m of covered space of property, will get 20% rebate for 100 sq m space, according to the 2016-17 budget proposals made by commissioner Puneet Goyal.
He also proposed to allot unique property identification code (UPIC) to existing tax payers and then extend it to all new tax payers.