Pay tax before March 31 to avoid interest charges

Chhatrapati Sambhajinagar: The property owners are facing a looming deadline to settle their tax dues. The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) has set March 31 as the last date to pay property tax and water charges without incurring a hefty penalty. Failure to meet this deadline will result in a steep 24 percent compounded interest charge on any outstanding balance. This is due to the discontinuation of the interest waiver scheme for the past two years, placing an additional financial burden on citizens.

So far, the CSMC has collected Rs 154.93 crore through property tax and water charges, which shows an increase compared to last year. However, this figure remains far short of the target of Rs 350 crore. Officials are anticipating a rise in collections by the deadline.

To avoid the 24 percent interest penalty and potential seizure action, property owners are urged to settle their dues by March 31. This can be done online, which also qualifies for an exemption on general tax. It's important to note that new properties will be taxed at double the regular rate if payments are made after April 1. There's a window of opportunity between April and June where general tax is waived, but monthly interest charges will start accruing from July onwards, reaching 24 percent by the end of the year.

Stricter action on dues exceeding Rs 1 crore

The CSMC is also taking a stricter stance against property owners with significant outstanding dues exceeding Rs 1 crore. These cases may involve a three-notice process followed by confiscation and auction of the property to recover the owed amount. Similarly, citizens and businesses with substantial water bill arrears risk having their water connections cut off.

Tax should be paid on time

Property owners should pay the arrears, current financial year tax before March 31 to avoid seizure action said Aparna Thethe, deputy commissioner, municipal corporation.