5.18 lakh property owners pay tax promptly, avail incentive

According to a statement from the city Corporation, as many as 5,18,286 property owners paid their taxes for the second half of the current financial year till October 10. “A total of Rs 4.28 crore has been provided to the property owners. They will receive five per cent incentive (maximum of Rs 5,000) for paying their taxes before October 15,” the statement said.

The civic body collects property tax from the owners in two terms. Property tax for the first half of the financial year (April to September) should be paid before April 15, whereas tax for the second half of the year (October to March) should be paid before October 15.

The civic body had also decided to collect two per cent penalty with interest from the property owners if they failed to pay tax before April 15 and October 15.

“Property owners are requested to pay the taxes before Thursday and avoid two per cent penalty,” Corporation Commissioner G Prakash added in the statement.