What exactly is Capital Property Tax?
Capital Property Tax is a tax charged based on the amenities and price of a property or apartment. In other words, the greater the tax, the more opulent the amenities. While additional information on this arrangement and when it will be implemented is required, it is known that it will involve paying property taxes rather of the existing circle rates. The facilities that a property owner enjoys will be paid for separately!
Which features are deemed luxurious?
Many residential societies in Pune provide facilities that go above and beyond the usual. These consist of a movie theatre, a hotel, a swimming pool, a gym, a playground, a kids zone, and amusement parks.
Likewise, a 500 sq ft unit in a standard housing society may cost Rs 20 lakh, yet the same size apartment in a township with fancy amenities may cost Rs 40 lakh. According to PMC, the city has established a Capital Property Tax to rectify such discrepancies.
In Pune, there will be no increase in property taxes in February 2022.
PMC agreed not to raise property taxes in Pune in February 2022, which is a massive relief for homeowners. According to Hemant Rasne, Chairman Standing Committee, PMC, a special meeting has been scheduled to examine the property tax increase. The plan was opposed by every member of the party. Rather than recommending a tax increase, the committee report rejected it and urged the municipal administration to recover maximum dues. The choice not to raise the property and entertainment taxes was made after assessing the local body’s income and expected spending. The PMC generates between Rs 1,200 and Rs 1,300 crore per year from the property taxes paid by the 12 lakh properties under its jurisdiction. The property tax income collection target for fiscal year 2021-22 is roughly Rs 2,000 crore. PMC’s revised tax goal for fiscal year 2022-23 is Rs 2,232 crore. PMC expects increased property tax income in FY 2021-22 as 23 additional villages are incorporated inside the city borders.
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