The Government of Andhra Pradesh issued orders for waiver of interest on arrears of Property Tax up to the year 2023-2024 as one one-time measure in Municipalities and Municipal Corporations. Y. Srilakshmi, special chief secretary to the government, issued GO 35 on Thursday regarding the waiver of interest.
The orders said that simple interest at the rate of two percent (2 %) per month shall be charged in case of failure to pay property tax by the end of June for the first half year and by the end of December for the second half year.
Various individuals, offices and associations like CREDAI sought to waive the interest on late payment of property tax this year also and in the previous financial year, the benefit of interest waiver was given only for 14 days with a condition to pay the total arrears in one lump sum, due to which most of the assesses were unable to avail of the benefit of interest waiver in a short time.
The orders said that after careful examination and in the exercise of the powers conferred under Section 387-A of the AP Municipalities Act 1965 under Section 679-E of the Municipal Corporations Act, 1955 and in the interest of improvement of revenues to the ULBs, Government orders to waive-off the interest accumulated on arrears of property tax (Buildings & Vacant Lands) dues upto the year 2023-24 as One Time Measure in all the ULBs provided the assessees pays the total arrears and current year tax in one lump sum or in instalments on or before 31.03.2024 and the interest amount already paid by the taxpayers on arrears and on current year property tax demand during the year 2023-24 be adjusted towards the future property tax payments and no cash refund shall be made, subject to clearance of all dues by 31.03.2024.
