As the new financial year begins on April 1, 2025, Nashik residents will have to pay higher taxes across multiple categories. The Nashik Municipal Corporation (NMC) has announced tax hikes on property, sanitation, water, and industrial establishments. These revisions are aimed at boosting municipal revenue, in line with recommendations from the 15th Finance Commission.
Breakdown of the Tax Hike:
1. House Tax Increase:
The taxable value of house rent will increase by 1%.
Sanitation and water utility taxes will also rise by 1%.
This means an additional ₹120 per 500 sq. ft. for residential properties and ₹700 for commercial properties.
2. Industrial Taxation:
New industries starting after April 1, 2025, will face a 0.5% increase in taxes.
For RCC (reinforced cement concrete) buildings, the tax will rise from ₹1.20 to ₹1.80 per sq. ft. per month.
For sheet-constructed buildings, the tax will rise from ₹1 to ₹1.40 per sq. ft. per month.
3. Plot Development Fees:
The fee for developing plots has been increased threefold.
4. Tenants' Tax Reduction:
Earlier, tenants had to pay double taxation. Now, this has been reduced to 30% taxation, giving them relief.
5. Mandatory Municipal Licenses:
Industrial establishments must now obtain a municipal license to operate in Nashik.
Why is NMC Increasing Taxes?
The Municipal Corporation has not raised taxes in several years. However, to maintain civic services and infrastructure, the new financial plan mandates higher revenue collection. The move aligns with guidelines from the 15th Finance Commission, which suggests that local self-governing bodies increase income through taxation or alternative revenue sources.
Impact on Nashik Residents
With higher house taxes, sanitation charges, and industrial levies, Nashikites will have to pay more in 2025-26. While businesses will see increased costs, tenants will get some relief due to reduced taxation. The rise in development fees may also impact property buyers and investors.
Residents and businesses are advised to review the new tax rates and prepare for higher expenses starting April 1, 2025.