VADODARA - The Advance Tax Rebate Scheme, recently implemented by Vadodara Municipal Corporation for current year property tax bills, has already netted ₹8.05 crore in revenue within just five days.
Initiated on May 6, the scheme provides a waiver for the fiscal year 2023-24 if property owners pay their tax bills along with any arrears from the previous year. Property tax payments can be made in person at any of the 19 administrative ward offices, or online via the corporation's website.
The Corporation is optimistic that approximately 8.20 lakh city taxpayers will benefit from the Advance Tax Incentive Rebate (VLAT2) scheme. Based on the scheme's uptake, the Corporation estimates property tax revenue will reach ₹560 crore this year.
The exemption scheme has already boosted municipal income significantly, with an additional ₹1.83 crore generated on Wednesday alone. This revenue includes both residential and non-residential properties. The scheme will remain in effect until June 5, providing a one-month window for taxpayers to benefit.
In an effort to encourage online payments, the Corporation is offering an additional 1% rebate for first-time online payments. The scheme also includes a 10% property tax exemption for residential properties and a 5% exemption for commercial properties.
