In a strategic move to reclaim unpaid property taxes, the Pune Municipal Corporation (PMC) is set to auction a significant number of commercial properties. The PMC's taxation and tax collection department have been proactive in addressing the issue of outstanding property tax dues, a vital component of municipal revenue.
PMC's Bold Step: As of December 20, 2023, the PMC plans to auction 50 out of the 200 commercial properties seized due to non-payment of property taxes. The taxation and tax collection department have expedited the assessment process for these properties, anticipating completion by the end of the upcoming week. This initiative is a crucial part of the PMC's broader strategy to recover substantial property tax arrears.
Financial Targets and Measures:
The taxation and tax collection department have set an ambitious target of generating Rs 2,000 crore in property tax for the current financial year. To achieve this goal, the PMC has implemented a series of measures to prioritize the recovery of outstanding dues. Notices have been actively issued, fines imposed, and properties of significant tax defaulters sealed. In fact, 14,000 properties have already been sealed, with an additional 30,000 commercial property tax cases awaiting resolution.
In the crackdown on tax defaulters, 200 properties have been confiscated, with the initial phase involving the auction of 50 commercial properties. The administration has initiated the assessment of these confiscated properties, appointing a government assessment officer to ensure a thorough evaluation. This assessment process is slated for completion by the end of December, paving the way for the auction of these commercial assets in the new year.
To streamline the auction process, the taxation and tax collection department will receive additional manpower. Additionally, lawyers will be hired on a contractual basis to address outstanding judicial cases, ensuring a smooth and efficient auction procedure.
The PMC's auction initiative represents a significant step towards financial recovery and effective management of property tax dues. As Pune's real estate landscape undergoes these changes, stakeholders should stay informed about the evolving scenario and potential implications for the market. Stay tuned for further updates as the PMC's efforts unfold in the coming weeks.
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