VISAKHAPATNAM: For the first time in its history, property tax collections of Greater Visakhapatnam Municipal Corporation (GVMC) crossed Rs 500 crore in a financial year, with a total collection of Rs 510 crore for 2024-25 FY which ended on Tuesday. This is Rs 56 crore more than the previous fiscal year, where tax collections amounted to Rs 454 crore.
GVMC has been levying property tax based on market price of the property since 2021-22, replacing the earlier method of calculating tax based on the rental value of the property. This means whenever property prices are revised by the govt, taxes will correspondingly increase. GVMC also added several households to the tax net in 2024-25 and revised the tax structures for some households falling into the commercial category. The civic body also intensified collections from long-pending defaulters. All these measures helped it realise Rs 510 crore in property tax.
Visakhapatnam district collector and GVMC in-charge commissioner MN Harendhira Prasad said the additional commissioner (revenue) and deputy commissioner (revenue) conducted regular reviews with the revenue staff. “By overseeing the field-level revenue staff and holding reviews at the zonal level, they issued specific directions. As a result, the largest corporation in the state (GVMC) achieved a record Rs 510 crore in property tax collections this financial year, a milestone that had never been reached before,” he said.
