Hey Pune folks, great news for all you property owners out there! The Pune Municipal Corporation (PMC) has decided not to increase property tax for the upcoming financial year 2025-26. That’s right, no hikes in sight!
The last time property tax rates were revised was way back in 2016, when they were increased by 10%. But since then, for the past eight years, the PMC has kept the rates steady. And now, with a decision on tax levies for the next financial year due before 20th February, the Standing Committee will soon give the final nod to this proposal.
Even though maintaining the current tax structure might impact revenue, the PMC administration has some plans up its sleeve to boost collections. They’re looking to identify new properties, recover outstanding dues, and even auction off tax-defaulted properties to make up for any potential shortfall.
In the past, property tax saw a 16% increase in 2010-11, followed by a 6% hike in 2013-14, and the last 10% revision in 2015-16. But since then, no further increases have been made, despite the PMC expanding its jurisdiction to include more villages.
And don’t worry, all the existing tax concessions will remain in place. So, owner-occupied residential properties will still get a 40% exemption, families of martyred soldiers will be exempt, and recipients of the Rashtrapati Award will continue to enjoy tax benefits.
So, Pune residents, sit back and relax knowing that your property tax won’t be going up anytime soon! Stay tuned for the final decision at the upcoming Standing Committee meeting on Friday.
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