Good News Hyderabad Property Owners! Pay Less 90% Less Property Tax Interest With THIS One-Time Scheme

Hyderabad Offers 90 pc Interest Waiver on Property Tax Arrears (canva)

Hyderabad property owners have been given a much-needed reprieve as the Greater Hyderabad Municipal Corporation (GHMC) has announced a one-time scheme (OTS) offering a 90 per cent waiver on accumulated interest on property tax arrears. The Telangana government’s move, announced on 7th March, aims to ease the financial burden on thousands of taxpayers who have pending dues, as per The Siasat report.

Understanding the One-Time Scheme

Under this initiative, property owners will need to pay the principal amount of their tax dues up to the financial year 2024-25, along with just 10 per cent of the accumulated interest on arrears. The remaining 90 per cent of the interest will be waived off, significantly reducing the total amount payable.

The scheme is applicable to all properties under GHMC’s jurisdiction, including both residential and commercial properties. Additionally, for those who have already cleared their dues, including interest and penalties, by March, 90% of the interest and penalties paid will be adjusted against their future property tax payments.

Government’s Take on the Initiative

Principal Secretary to the Government, M Dana Kishore, stated that the decision came after a thorough review of GHMC’s proposal. He said that the scheme has been introduced in public interest to assist property owners in clearing their dues without excessive financial strain.

Addressing Property Tax Concerns

To further assist taxpayers, GHMC has launched a Property Tax Solution (PTP) programme, running every Saturday from 22nd February to 29th March at circle offices from 10 AM to 1 PM. The initiative aims to resolve various tax-related issues, including:

GHMC Commissioner Ilambarthi encouraged property owners to utilise this opportunity to clear their dues and resolve any grievances before the deadline.

With this one-time relief scheme, Hyderabad’s taxpayers have a chance to settle their property tax dues at a significantly reduced cost, ensuring smoother financial management in the coming years.