MCD collects all-time high property tax of Rs 1500 cr

The MCD, which has been going all-out to increase its dwindling cash reserves, on Tuesday said it has collected Rs 1500 crore in property tax during the financial year 2010-11 -- an all-time high.

Last Updated: Apr 12, 2011, 14:55 PM IST

New Delhi: The MCD, which has been going
all-out to increase its dwindling cash reserves, on Tuesday said it
has collected Rs 1500 crore in property tax during the
financial year 2010-11 -- an all-time high.
Chairman of MCD Standing Committee Yogender Chandolia
said the gross collection during the financial year 2009-10
was Rs 1158 crore.

"Thus, MCD has been able to collect 29.5 per cent more
property tax this year as compared to the last year. The gross
property tax collection this fiscal has increased by Rs 342
crore," he said.

The transfer duty collection during 2010-11 is Rs 728
crore as compared to Rs 460 crore during 2009-10. The pure
property tax collection during 2010-11 is Rs 772 crore as
compared to Rs 697 crore during 2009-10. The growth in
collection of pure property tax collection is 10.6 per cent.
The Chairman of the Standing Committee informed that as a
result of MCD`s efforts, the number of taxpayers has also
increased from 9.8 lakh last year to 10.4 lakh this year.In
terms of percentage, there has been a growth of 5.5 per cent
in number of taxpayers.

The MCD had launched two settlement schemes, one under
the old rateable value system and other under the unit area
method introduced from 2004. Both the schemes were on till
March 31.

PTI