Property tax rise for FY 2022-23 gets rejected by the South Delhi civic authority
In the Financial Year (FY) 2022-23, the South Delhi Municipal Corporation (SDMC) has chosen not to raise property taxes.
It has also clarified that tax exemptions for properties in residential colonies, which were recently formalized, are still in effect. These properties’ outstanding taxes will be forgiven.
The South Delhi Municipal Corporation’s (SDMC) Standing Committee has rejected a proposal to raise property taxes for the upcoming fiscal year 2022-23. The city council was presented with a proposal to raise taxes on commercial and residential buildings within its authority. The organization also exempted newly regularized residential properties from outstanding taxes. Commercial properties can also apply for an exemption if they have paid their dues for the previous three years.
The Municipal Corporation has also partnered with the Indian Solar Energy Corporation to install solar panels on the roofs of its offices. Such devices are capable of producing up to 10 kilowatts of renewable energy.
The increased budget for the fiscal year 2022-2023 is now Rs 4826.43 crore, up from Rs 4668.26 crore the previous year. One primary factor for such property tax freeze, according to SDMC officials, is the upcoming elections.
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