Major relief as Punjab announces one-time settlement for property tax defaulters

Patiala, September 4

The Punjab government has announced a one-time settlement (OTS) scheme for property owners who have not paid or have partially paid the property tax or house tax levied up to March this year.

Providing a major relief, the state has waived-off all penalty and interest levied on the outstanding principal amount, which can be paid till December 31.

The property tax is calculated on the basis of covered area and open area of commercial and residential properties.

The OTS is going to provide a major relief to defaulters who are otherwise supposed to pay 20 per cent penalty and 18 per cent interest on the outstanding principal amount of all previous fiscal years. The corporations in the state have been issuing notices to owners of properties for payment of the outstanding amounts.

Manjit Singh, Under Secretary, Local Government department said the scheme will continue for four months till December 31 wherein the defaulters will be able to pay the outstanding principal amounts without the levied extra charge.