Vijayawada: The Andhra Pradesh government on Thursday issued orders for waiver off interest on the arrears of Property Tax up to the financial year 2023-2024, as a one one-time measure in both municipalities and municipal corporations. Y. Srilakshmi, special chief secretary to the government, issued GO:35 regarding the waiver off interest. 

The order said that simple interest at the rate of two per cent 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 waiver of the interest on late payment of property tax this year also. 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, it

was noted.

The GO said that after a careful examination and in 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, the state government orders a waiver of the interest accumulated on arrears of property tax (buildings & vacant lands) dues, up to the year 2023-24, as a one-time measure in all the ULBs.

“This is on condition that the assessees pay the total arrears and current year tax in one lump sum or in installments on or before 31.03.2024.” “The interest amount already paid by the taxpayers on arrears and on current year’s 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,” the order said.

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