In its Budget For 2023-24, the Vadodara Municipal Corporation (vmc) on Friday proposed to increase the annual property tax from Rs 16 per square meter to Rs 20 per square metre. For non-residential properties, an increase from the existing Rs 30 per square meter to Rs 35 per square meter has been proposed.
The VMC is planning to introduce a new environment tax. If approved, the new tax amount would generate an additional revenue of Rs 74 crore, including Rs 4 crore to the VMC from environment tax. In 2018-19 as well, the VMC proposed a hike in property taxes to raise revenue.
This time VMC has presented its biggest ever budget of Rs 4,761 crore, which is about Rs 900 crore more than the previous budget.
“We had a good balance in the last financial year. So this year the opening balance is better. We have good revenue in addition to state and central government grants for development works,” said Bancha Nidhi waterMunicipal Commissioner.
All taxes including water, light, sewerage, fire and conservation have been subsumed in this proposed hike in property tax, which will generate an additional revenue of Rs 70 crore.
For the first time, VMC will spend more than Rs 200 crore from its own funds for capital projects.
Pani stresses on up-gradation of infrastructural facilities and quality of life pollution and improving infrastructure including roads, transportation and community services.