The civic body now owes a total of Rs. 8,500 crore in property taxes.
Property owners missed the August 2 deadline to pay the tax this year by roughly 41%.
Property owners missed the August 2 deadline to pay the tax this year by roughly 41%.
Ajit Deshmukh, the director of the property tax division, claims that "the civic administration has taken steps like sealing properties of defaulters and auctioning properties to recover the levy.
About 5 lakh of the approximately 12 lakh property owners who are required to pay the tax within the municipal borders still have not done so this year.
Many homeowners who own real estate have unpaid taxes.
According to PMC data, PMC has so far this year sealed 1,400 homes belonging to tax defaulters.
Auctions will be held for the homes of defaulters who continued to withhold payment even after the sealing procedure started.
PMC considers a number of alternatives before attaching a property, including sending out warnings and temporarily sealing it.
Property taxes bring in between Rs 1,800 and Rs 2,000 crore for the property tax department each year.
Additionally, the government anticipates receiving roughly Rs 300 billion from the water tax collected from residential properties.
As a portion of property tax, bringing the total anticipated property tax collection to Rs 2,618.15 crore.
As a portion of property tax, bringing the total anticipated property tax collection to Rs 2,618.15 crore.