The Pune Municipal Corporation (PMC) has announced an extension for the deadline to submit PT 3 applications, providing a generous 40% discount on property tax for residential properties in Pune.
To avail of this exemption, property owners are required to complete the PT 3 application process by the revised deadline of January 31, 2024 for the newly merged 23 villages in PMC in 2021.
The civic body has begun assessment of properties tax to the properties in the merged villages merged in Pune Municipal Corporation limits in 2021. Those living in these merged villages can fill up PT 3 application form to avail the 40 percent discount in the property tax for which the deadline has been extended to January 31, 2024.
The ongoing property assessment undertaken by the Pune Municipal Corporation in the city has surpassed 80%, with a significant concentration of properties in highly urbanized areas such as Manjari, Wagholi, Sus Mhalunge, Bavdhan, and others. The complexity of comparing entries in these densely populated regions has led to an extension of the application deadline.
Property tax calculations are currently based on records maintained by the erstwhile Gram Panchayat. Once a village is incorporated into the municipal limits, property tax is imposed on the respective properties. Initially set for submission by November 15, 2023, the deadline for PT 3 applications was previously extended to November 30, excluding villages incorporated within this timeframe.
In the assessment process, each property undergoes a meticulous search, followed by the attachment of a notice and a subsequent hearing for taxation purposes.
Tax rates vary depending on the property count in specific regions; while in villages which have less properties, the work has exceeded upto 90% while taxation on such properties has reached 50 percent.
Recognizing the diverse property tax scenarios, the PMC has now decided to extend the deadline for PT 3 applications until January 31, 2024, enabling property owners to benefit from the 40% tax exemption in the old Pune city limits, excluding the newly incorporated villages.
Property owners are urged to promptly submit their PT 3 applications to take advantage of this valuable tax incentive.