Tag: Property tax in Visakhapatnam

Latest StoriesRegulatory

Visakhapatnam collects ₹620 crore in property tax for FY26

VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has successfully collected ₹620 crore in property and vacant land taxes for the fiscal year 2025-26, representing a significant increase of nearly 22% from the previous year’s collection of ₹510 crore. This growth can largely be attributed to the expansion of the tax base and concentrated efforts on assessing vacant land, resulting in an additional ₹110 crore compared to the previous year. Remarkably, April and December 2025 emerged as particularly strong months, adding an extra ₹65 crore compared to the same months in 2024. For instance, collections for April surged from ₹132.11 crore…

Latest StoriesRegulatory

Visakhapatnam’s property tax collects over ₹510 crore

VISAKHAPATNAM: The Greater Visakhapatnam Municipal Corporation (GVMC) has set a record in property tax collections, exceeding ₹510 crore for the fiscal year 2025-26, a full eight days before the accounts close. This outstrips last year’s collection of ₹500 crore, with officials optimistic about reaching ₹600 crore by March 31, thanks to a 50% interest waiver on outstanding dues provided by the state government. Of an additional ₹80 crore in demand, ₹50 crore has already been collected this year. Deputy Commissioner (Revenue) S Srinivasa Rao mentioned that the waiver will lessen the burden on taxpayers and enhance collections. “We expect to…