Pay Property Tax Earlier, Get Interest Refund | Ahmedabad News

Ahmedabad: Until now, Amdavadis benefited from a 10% deposit on the payment of the property tax. Now you can get interest reduction for your tax prepayment if the new incentive formula proposed by the income committee of the Ahmedabad municipal corporation is approved.
Under this formula, those who pay their property tax in January 2022 will benefit from an interest reduction of 80% for residential properties and 60% on interest for non-residential properties. Those who pay their taxes in February will get an interest reduction of 75% for residential properties and 55% for non-residential properties. Those who pay their taxes in March will get an interest refund of 70% for residential properties and 50% for non-residential properties. This year, the AMC estimates an increase of Rs 50 crore in tax revenues.
Taxpayers whose properties are located in chawls and slums will continue to benefit from a 100% interest reduction if they pay their tax between January and March.
“This is an early bird incentive program where taxpayers will get more rebates on their tax interest if they pay early,” said Jainik Vakil, chairman of AMC’s revenue committee.
The proposal will be presented to the Standing Committee at its next meeting and will be implemented after approval by the Standing Committee.
Vakil said that from April 1 to December 22, the department’s total tax revenue collection stood at Rs 970 crore, up 10% from Rs 882.87 crore in the same period last year. The collection of property tax during the same period rose 4.44% to Rs 736.55 crore, from Rs 705.21 crore last year. Business tax collection rose 15% to Rs 141.12 crore from Rs 122.58 crore last year, while vehicle tax collection stood at Rs 970 crore, up 68% compared to Rs 55 crore last year during this period.

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