The standing committee of PMC has postponed the PMC proposal to provide 5% reduction in the property tax discount in place of 10%.

A standing committee of PMC (Pune Municipal Corporation) postponed the reduction in property tax discount. Earlier the civic body had proposed a 5% reduction in property tax discount. However, the standing committee has postponed it decision on the reduction for two months.

A standing committee has postponed the reduction in property tax discounts.

The property holders who own either movable or immovable property inside the Pune Municipal Corporation circle will be able to pay the property tax without any reduction in the discount now.

It means that those who pay the property tax before the end of May, may avail the opportunity to attain 10% discount on their property tax.

Earlier they would get 10% discount if they pay the tax before the end of May. The civic body has proposed this 10% of reduction to bring down to 5%.

Commenting on the issue, the committee chairman VishalTambe said that the committee has postponed the decision on the PMC proposal for a couple of months. He made the comment while talking to the media persons after the committee meeting.

PMC’s proposal to reduce property tax discount to 5% from 10% is postponed.

Property tax remains one of the key sources of income for any civic body. Thus by providing greater discounts, the civic body is losing a lot of money. Thus with the proposal the civic body aim to collect more money from the property owners.

Property tax is that revenue which a property owner pays to the civic body for the property which he holds. This tax is levied on all movable and immovable properties falling under the limits of the civic body.

All properties, including commercial, residential and land parcels, are levied this form of tax. The tax is levied on both movable and immovable properties.

Normally the civic body assesses the value of the property and fixes the property tax. There is no exception and all property owners are bound to pay the tax. However they are given the option to pay it either yearly or half-yearly.