GHMC Considers Monthly Property Tax Payment System
24 Sep 2024
2 Min Read
CW Team
The Greater Hyderabad Municipal Corporation (GHMC) is exploring a new system that would allow property owners to pay their property tax on a monthly basis. This initiative is designed to alleviate the financial strain currently faced by taxpayers, who are required to pay a lump sum annually.
Officials from the GHMC are developing guidelines and amendments to property tax regulations to implement this monthly payment option. Under the proposed system, property taxes would be divided into 12 equal installments, making payments more manageable for homeowners.
This change is expected to benefit both residents and the civic body. By enabling smaller monthly payments, the GHMC aims to reduce the accumulation of tax arrears and facilitate more consistent cash flow. The municipality anticipates monthly collections could range from ?150 crore to ?170 crore, aiding in the funding of various development projects across the city.
A senior official from the GHMC taxation wing indicated that the new framework would likely focus on properties with annual taxes exceeding ?3,000, while smaller assessments under ?101 might not qualify for the monthly payment plan. Discussions are ongoing regarding whether to make monthly payments mandatory or optional, with the possibility of eliminating annual payments altogether.
Currently, there are approximately 19 lakh property tax assessments in Greater Hyderabad, including 12 lakh residential and 7 lakh commercial properties. However, over 2 lakh property owners have outstanding tax dues. For FY 2023-24, the GHMC registered ?1,917 crore in property tax revenue, up by ?257 crore from the previous year, and has set a target of ?2,400 crore for FY 2024-25, having collected ?1,190 crore as of mid-September.
The Greater Hyderabad Municipal Corporation (GHMC) is exploring a new system that would allow property owners to pay their property tax on a monthly basis. This initiative is designed to alleviate the financial strain currently faced by taxpayers, who are required to pay a lump sum annually.
Officials from the GHMC are developing guidelines and amendments to property tax regulations to implement this monthly payment option. Under the proposed system, property taxes would be divided into 12 equal installments, making payments more manageable for homeowners.
This change is expected to benefit both residents and the civic body. By enabling smaller monthly payments, the GHMC aims to reduce the accumulation of tax arrears and facilitate more consistent cash flow. The municipality anticipates monthly collections could range from ?150 crore to ?170 crore, aiding in the funding of various development projects across the city.
A senior official from the GHMC taxation wing indicated that the new framework would likely focus on properties with annual taxes exceeding ?3,000, while smaller assessments under ?101 might not qualify for the monthly payment plan. Discussions are ongoing regarding whether to make monthly payments mandatory or optional, with the possibility of eliminating annual payments altogether.
Currently, there are approximately 19 lakh property tax assessments in Greater Hyderabad, including 12 lakh residential and 7 lakh commercial properties. However, over 2 lakh property owners have outstanding tax dues. For FY 2023-24, the GHMC registered ?1,917 crore in property tax revenue, up by ?257 crore from the previous year, and has set a target of ?2,400 crore for FY 2024-25, having collected ?1,190 crore as of mid-September.
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