In the first nine months of the fiscal year 2023-24, the Navi Mumbai Municipal Corporation (NMMC) successfully amassed Rs. 465.70 crore in property tax, showcasing a notable increase from the Rs. 398.65 crore collected during the corresponding period in the preceding fiscal year, as stated by officials.
The municipal body strategically focused on enhancing revenue recovery by prioritising the clearance of outstanding dues. This initiative involved harnessing data from newly assessed properties and executing the initial phase of a LiDAR (Light Detection And Ranging – a remote sensing and surveying technology) survey in the Maharashtra Industrial Development Corporation (MIDC) area, according to an official release.
With three months still remaining in the fiscal year, the NMMC has set an ambitious target of collecting Rs. 800 crore in property tax for the entirety of the financial year 2023-24. This proactive approach signifies the municipality’s commitment to robust financial management and sustained revenue generation commitment to robust fiscal management and revenue enhancement, reported BS.
Property tax is a levy imposed by local governments on the owners of real estate, such as residential and commercial properties. The tax is typically based on the assessed value of the property, which is determined by the municipal or local tax assessor. Property taxes are a significant source of revenue for local governments and are used to fund various public services and infrastructure projects, including schools, roads, public safety, and other community services.
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