Assesses can now pay their property taxes on a quarterly basis instead of an annual basis. The last dates for depositing taxes on quarterly basis are: June 30, September 30, December 31 and March 31. The interest on late payment of taxes will also be calculated on the actual period of delay and not for the entire year. Hence interest of 1% will be charged only on the amount due for that particular quarter and not the entire year.
Explaining the above an MCD official stated “A lot of people are not aware about the property tax policy. They often calculate the penalty interest for the year. If a person has to pay Rs 1 lakh as property tax, then he can pay Rs 25,000 in the first quarter and rest of the amount in the subsequent quarters. The interest in case of delay will be charged on Rs 25,000 per month and not on 1 lakh in the first quarter.”