Curation Team
NASHIK: Property tax for new residential and commercial properties in Nashik city is increasing by 2% from April 1, the beginning of the financial year 2025-26.
The property tax will increase by 50% for new industrial properties coming up in the financial year. The city has two industrial estates of the Maharashtra Industrial Development Corporation (MIDC), at Ambad and Satpur.
The Nashik Municipal Corporation (NMC) has also effected an almost three-fold increase in land development charges for approving layouts — from Rs 105 per sqmt to Rs 335 per sqmt — starting April 1, 2025. The general body of the municipal corporation had approved the hike in land development charges for layouts in Feb 2025. Accordingly, land development charges for layouts have been hiked, effective April 1.
NMC commissioner Manisha Khatri, while presenting the civic body budget for 2025-26 in Feb, announced the hike in property tax for new properties. Accordingly, the hike in property tax for the new properties will increase for the residential, commercial, and industrial properties.
NMC officials said the hike in property tax will be for the new properties only, which are coming up after April 1. The new tax rates will be levied on these new properties for the 2025-26 financial year.
Civic officials said the hike in property tax has been increased marginally after almost seven years. Then NMC commissioner Tukaram Munde implemented a previous property tax hike in April 2018. However, there have been no further hikes in property tax thereafter.
Moreover, all the existing and new shops, commercial establishments, and industries within the jurisdiction of the municipal corporation will have to mandatorily take permission from the municipal corporation and pay the licence fees, with effect from April 1, 2025.
According to NMC officials, around 5.6 lakh properties are registered with the civic body’s property tax department.
