VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has set a target of bringing 10,000 unassessed properties into the tax net during the current financial year.
So far, the GVMC has identified 4,600 such properties. Additionally, the GVMC has identified 877 properties that were previously underassessed, out of a total of 5,000 properties under review.
Regarding revenue generation, the early bird incentive on property taxes has garnered a positive response this year, with GVMC collecting approximately Rs 135 crore, compared to Rs 118 crore last year. By assessing 886 vacant properties, out of a targeted 3,000 vacant spaces, GVMC generated Rs 8.4 crore through the imposition of vacant property tax.
The GVMC’s total property tax collection, including vacant land tax, for the 2023-24 financial year stood at Rs 457 crore, marking the highest-ever tax revenue collected by the civic body.
This achievement contrasts with a decrease in collections experienced by the state during the last fiscal year compared to 2022-23. As a result, GVMC surpassed its own target of Rs 420 crore for the 2024 fiscal year. Since 2021-22, GVMC has been levying property tax based on the market value of properties, rather than the previous method of using rental value, resulting in increasing tax revenues each year. The GVMC may surpass its previous tax collections this year too.
GVMC commissioner P Sampath Kumar stated that the corporation has focused on both unassessed and underassessed properties to boost revenue. “Halfway through the financial year, GVMC has achieved more than 50% of its targets for these unassessed and underassessed properties. GVMC revenue teams have been asked to work on these. We are also working swiftly to resolve issues related to property taxes, such as name and address corrections,” said Sampath Kumar.
GVMC deputy commissioner (revenue) S Srinivasa Rao explained that the construction of extra floors and changes in property usage, such as converting to commercial purposes, fall under the categories of underassessed and unassessed properties. “We are addressing these to improve our revenues. A similar focus is being placed on vacant land tax,” added Srinivasa Rao.
“A centralised demolition/enforcement team has been proposed to remove encroachments on govt lands and unauthorised buildings. Zonal-level teams have also been proposed to intervene at the initial stages to prevent constructions that go against approved plans. Buildings that are under litigation will be closely monitored (on a biweekly basis), and necessary further actions will be initiated accordingly,” added Commissioner Sampath Kumar.
Source Homevior.in
