Kolkata Municipal Corporation: New Policy for Property Tax in Kolkata

Introduction

Kolkata Municipal Corporation (KMC) has introduced a new exemption scheme. The scheme will apply to property taxes as of August 1. To benefit property tax evaders, KMC was introduced. The new roll also provides information on any exemptions or deductions that may apply to certain properties. Additionally, the introduction explains the process for filing property tax returns and making payments to the Kolkata Municipal Corporation.

According to officials on Friday, the penalty and interest will be deducted on the default period incurred under the scheme. This type of claim no longer generates revenue. However, “longer defaulters will have to pay more tax. Shorter defaulters will get more exemptions.” A senior KME official said.

How to Claim Property Tax for a Defaulter?

This new policy aims to incentivize defaulters to settle their arrears promptly. Reduce the burden of accumulated penalties and interest. By offering significant waivers, the government hopes to encourage compliance. Increase revenue collection for essential services and infrastructure development. Under the new policy, defaulters within two years will get a 99% waiver on penalty and a 50% waiver on interest.

Those with property tax arrears for two to five years will get a 75% exemption on penalties and a 45% exemption on interest. 50% exemption on penalty and 40% exemption on interest for property tax evasion for five to ten years. If the defaulter’s property tax is in arrears for more than ten years, a 25% penalty and 35% interest are waived.

“Generally, a section of people has a tendency not to pay property tax on time. They wait for waivers after a delay,” said a senior KMC official. In addition, KMC’s dues and revenue collection were hampered. This behavior not only affects the city’s finances. but also hinders the timely provision of essential services to residents. The KMC official emphasized. The importance of timely tax payments for the development and functioning of the city.

Pay Property Tax on Time

Pointing out that the new policy requires defaulters to pay more tax if they have longer dues. The official said that it would compel “people to pay property tax on time or at least within two years to avoid unnecessary fines.” The official added that this might increase KMC’s revenue.

He also mentioned that the municipality has been taking steps to educate and encourage residents. To pay their property taxes promptly to avoid any negative consequences. The official urged citizens to fulfill their civic duty by contributing. the betterment of the city through timely tax payments.

Conclusion

The new property tax roll by the Kolkata Municipal Corporation aims to streamline the taxation process. Ensure fair assessments for all property owners. This initiative will help generate revenue for the city’s development projects. It is the maintenance of essential services. Property owners are encouraged to cooperate with the new system. To contribute towards the growth and betterment of Kolkata. By adhering to the revised property tax regulations, residents can help create a more efficient. and sustainable urban environment for all. For more information, visit openplot.