PRAYAGRAJ: In a significant move for property owners, the Prayagraj Municipal Corporation (PMC) is set to introduce tax benefits for newly constructed residential buildings in the city. A 25% tax rebate will be offered on the annual rental value assessment of these new properties, leading to a corresponding reduction in house tax for qualifying owners.
The decision was made during a meeting led by Chief Tax Assessment Officer Sanjay Mamgai, involving tax superintendents and departmental staff. Officials were instructed to apply the 25% concession when evaluating even newly built houses.
However, this benefit is exclusive to purely residential properties, excluding any with commercial use. Additionally, the homeowner must occupy the property personally, Mamgai noted.
This initiative aims to alleviate financial burdens on homeowners and promote timely tax compliance. It also reflects requests from corporators during discussions surrounding the revised municipal budget, where members called for similar tax concessions for older buildings, particularly those over 20 years old.
In response to these requests, the corporation had previously passed a resolution to grant tax rebates to older properties under the UP Municipal Corporation Act, 1959. PMC has already announced a 32.5% rebate for houses older than 10 years and up to 40% for those over 20 years. Moreover, an additional 10% rebate on the total taxable value will be available for early payments following the bill’s issuance.
Officials stated that these provisions will be fully implemented, ensuring a structured and transparent tax system while providing relief to various categories of property owners.
