PCMC 2023 Property Tax Updates: What's New This Year?

The Pimpri-Chinchwad Municipal Corporation (PCMC) stands out as one of the significant local governing bodies, thanks to the numerous multinational manufacturing units operating in the region. This area has also become a hub for real estate, with the workforce from these manufacturing units investing in residential spaces here.

Consequently, there are various housing societies and townships that have emerged recently. All of these are supported by PCMC infrastructure. Property owners are required to pay their Pimpri Chinchwad property tax (PCMC property tax) to the corporation on a half-yearly basis, a process easily accessible online. PCMC was among the pioneers in adopting digital methods for property tax collection. To learn more about this property tax, keep reading:

What types of properties fall under the scope of PCMC property tax?

PCMC property tax encompasses all properties, including empty land within Pune city limits. The assessment of PCMC property tax depends on the property's size, utilising a capital-based valuation method. PCMC generates revenue from both tax-related and non-tax-related avenues. Key tax sources for PCMC include property tax, professional tax, entertainment tax, advertisement tax, and similar categories.

Properties Exempt from PCMC Property Tax

The following property categories are exempt from PCMC property tax 2023 payments:

•       Residential structures measuring less than 500 sq. ft.
•       Charitable institutions
•       Public burial grounds
•       Educational properties
•       Heritage lands
•       Agricultural lands
•       Spaces used for religious worship

PCMC Property Tax Rebate

Residential and Non-Residential Properties

For specifically registered residential properties, non-residential buildings, and open plots, a substantial rebate is offered if the entire property tax is paid by June 30, 2023. Properties with a rateable value up to Rs 25,000 receive a generous 10 percent discount on the general tax. If the annual rateables value exceeds Rs 25,000, a five percent discount is provided, encouraging timely payments and easing the tax burden on property owners.

Environment-Friendly Initiatives

PCMC encourages eco-friendly practices by providing rebates to properties implementing solar energy, vermiculture, and rainwater harvesting projects. Depending on the number of such projects installed, residential properties can avail discounts ranging from 5 to 10 percent. This initiative not only promotes sustainable living but also rewards property owners for adopting environmentally conscious solutions.

PCMC Plans to Employ Drones for Including Unregistered Properties in Tax Records

In a recent development, PCMC has decided to utilise drones for surveying properties within its jurisdiction. Architectural Consultants India has been entrusted with this project worth Rs 47.95 crore, as reported in the news. The firm will identify both old and new properties, additional assets, and changes in property usage. Currently, there are around 5,97,785 registered properties within PCMC city limits. With the rising number of properties, there is also a surge in unregistered ones, leading to a loss in property tax revenue for PCMC.

PCMC's Record-Breaking Property Tax Collection

PCMC achieved a milestone by collecting Rs 580 crore in property tax within six months, with over 60% of taxpayers fulfilling their obligations for the first time. The municipal corporation had set a target of Rs 1,000 crore and aims to collect the remaining 40% in the next six months. Additionally, from October 1, 2023, a 2% penalty is also imposed on property owners who have not paid their taxes during the initial six-month period.

Property tax serves as the primary revenue stream for the Pimpri Chinchwad Municipal Corporation, and the current collection efforts reflect a positive stride toward fulfilling annual financial targets. The authority has implemented several initiatives, including distributing property tax bills and organising awareness campaigns such as meme competitions. Additionally, stringent measures, such as attachment actions against defaulters, have been taken to ensure tax compliance. Also, paying PCMC property tax annually is mandatory, and citizens can conveniently make these payments online. Delays in paying PCMC property tax may result in additional penalties on top of the outstanding amount.

Conclusion

PCMC's financial health is demonstrated by its aggressive and effective initiatives in property tax collection. The municipality guarantees taxpayer awareness and compliance through innovative approaches like meme competitions and severe penalties against defaulters. Property taxes are the primary source of income and are thus crucial to the provision of essential amenities. We hope that this information offered you an insight into PCMC property tax that can help you and other property owners significantly.