Rs 1200 crore earned as property tax by GHMC for the financial year 2017-18

Hyderabad: With a target of Rs 1,400 crores, the Greater Hyderabad Municipal Corporation (GHMC) has collected so far, Rs 1,267.86 crores property tax for the financial year 2017-18, and more money is expected to be mopped up by midnight considering that the counters are being kept open till then.

Last year, GHMC had collected around '1,205.73 crores and so far, it has already got Rs 62 crores more than the previous year thanks to the new assessments and corrections of the assessments of the properties.

With regard to the new assessments of 42,255 properties, around Rs 66.80 crores has been collected. There are an estimated 14.2 lakh households in the twin cities of which 11.77 lakhs are residential, 2.3 lakhs commercial and 17,000 mixed properties.

Following reassessment of properties that pay tax below Rs 1,200 and above Rs 1,200 a year, a total of around 2,54,384 new assessments have been made and nearly Rs 284.78 crores have been collected during this financial year.

There has also been news about records being fudged. The corporation, during the financial year 2015-16, exhibited that it had collected Rs 1,025.45 by way of property tax, but the actual amount allegedly collected was Rs 967.71 crores.