PUNE: The Pune Municipal Corporation (PMC) has increased the Annual Rateable Value (ARV) in the property tax of newly assessed properties. The decision will be implemented from April 4, 2020 across the city. The PMC property tax department has issued a public notice to inform citizens. The PMC has increased ARV after three years. It is applicable to those properties which will be registered after April 1, 2020.
ARV of any land or building accessible to property tax is the annual rent at which the land or building might reasonably be expected to be let-out from year to year. ARV is an important determinant in taxation of any premises - be it residential or commercial (Non-Residential). Further, it may be self-occupied, let-out, or partly self-occupied and partly let-out.
Property Tax is assessed on the basis of the carpet area of the building/property. Property Tax is calculated on the factors such as carpet area of the property, Type of property - residential/ Non-residential/ mixed/ miscellaneous/Industrial/ open land and as per the ready reckoner. People/ Institutes who own/ possess land/ building within limits of PMC have to pay property tax. Property Tax is applicable to all properties and open lands within municipal corporation limits.
PMC’s Property tax department head Vilas Kanade said,
“The civic body increases ARV after every three years. It is applicable only to newly assessed properties after April 1, 2020. It is just like an increase in Ready Reckoner rates.”
Around 30,000 properties are added every year. At present, there are around 10.50 lakh properties in the city so far. In this, there are 82 per cent residential, 16 per cent commercial and remaining includes open land and mix use (residential plus commercial.
Property tax department has divided properties in three categories - Residential (RCC, load bearing, tin shed), Non-residential (RCC, load bearing, tin shed, offices) and open plots (develop open land, Parking (commercial and residential).