Nashik: NMC Budget 2025 Proposes 2% Hike in Property Tax

The Nashik Municipal Corporation (NMC) has presented a budget of ₹3,054.70 crore for the financial year 2025-26, which includes a 2% increase in property tax, changes in the valuation of new industrial properties, and a new taxation method for rental properties. The budget was introduced by Municipal Commissioner Manisha Khatri during the Standing Committee meeting on Sunday.

The budget was presented with an opening balance of ₹66.30 crore, an estimated revenue collection of ₹3,054.70 crore, and total expenditure of ₹3,053.31 crore. For the current financial year, ₹1,386.84 crore is being received from GST subsidy. The total expected income for 2025-26, including GST, local body tax, and 1% stamp duty surcharge, is estimated to be ₹15.83 crore.

Property tax will increase by 2% starting next year, as there will be a 1% increase each in General Sanitation Tax and Water Benefit Tax. This revision is expected to generate an additional ₹10 crore in revenue. The total income from property tax for the upcoming year is projected to be ₹292.85 crore.

From 2025-26, the assessment rate for new industrial and factory properties will be revised. RCC construction properties will be charged ₹1.80 per sq. ft. per month, up from ₹1.20, while shed structures will be charged ₹1.40 per sq. ft. per month, up from ₹1.00. Officials clarified that old industrial properties will not be affected by this revision.

Advertisements, municipal-owned gullies, and otters are expected to generate ₹44.57 crore, while the Urban Planning Department will receive ₹313.72 crore.

The NMC budget includes provisions for Simhastha Kumbh Mela preparations, health and medical facilities, sanitation and solid waste management, river cleaning initiatives, and a Science Center with a tinkering laboratory.

Earlier, property owners who rented out residential, non-residential, and industrial properties were charged double the original property tax. Under the new method, a 30% higher assessment rate will be applied instead. This change is expected to encourage more property owners to officially register their tenants, increasing revenue for the Municipal Corporation.

As per the Municipal Corporation Act, business licenses will now be required for factories, industries, and commercial establishments, including businesses related to edible oil, milk, and milk products.

With these tax hikes and revised assessment methods, Nashik taxpayers will see an increase in their financial burden, while NMC expects to boost its revenue to support urban development projects.