HYDERABAD: The Greater Hyderabad Municipal Corporation (GHMC) is expecting a windfall of `1,350 crore plus from property tax collections for the year 2017-18.On the last day of property tax collection, GHMC collections are expected to cross a record of over `1,300 crore plus as owners are pouring in to pay their property tax. Last year, the collection was `1,205 crore. Till yesterday, the collection stood around `1,180 crore. Today, being the last day of the property tax collection for the current financial year ending, they are expecting another `125-`140 crore and plus till late midnight. In comparison to the previous year’s collection, this year, GHMC is expected to net an additional amount of `125-130 crore.
The good progress in the collection of property tax in 2017-18 is a result of various initiatives including the early bird scheme in April, lucky draw schemes, reverification of below `1,200 properties. Property tax which is the main revenue source for corporation is gradually increasing every year since 2012-13 which was `787 crore, 2013-14 (`1,047 crore), 2014-15 (`1,078 crore), 2015-16 (`1,025 crore, 2016-17 (`1,205 crore).Last financial year (2016-17), there was a remarkable improvement of property tax, as lot number of people came forward to clear the due to demonetisation effect.