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5720 Commercial and Industrial properties in debt of 2873.99 crore
- by Webdesk
- 13 Mar 2021
BMC sent 5720 commercial and industrial property owners attachment notices regarding the debt of a total of 2873.99 crores, stated the officials of BMCs assessors and collection department.
BMC has sent these notices to complete its target property tax collection, to industrial and private open plots, that have defaulted. The target of the pending property tax to be collected is said to be over 15,000 crore due to disputes and litigations. So far it has been successful in collecting 619 crores.
Although owners of residential properties will not face attachment or disconnection of water supply, they will be liable to pay a two per cent penalty above their dues. Property tax being the second biggest source of revenue for BMC, it appointed values and made policy for holding auctions.
Image Courtesy: BMC Election Updates
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