Introduction 

As the year comes to a close, Ludhiana’s property owners are making the most of a unique opportunity to settle their outstanding taxes without incurring any penalties. So far, 64,000 property owners have taken advantage of the one-time settlement (OTS) arrangement to pay off their back taxes without penalty or interest. Owners can profit from the plan by depositing property taxes before December 31 2023, thus the municipal corporation (MC) has asked people to do so as soon as possible. 

One-Time Settlement 

The one-time settlement initiative, introduced by the municipal authorities, has proven to be a game changer for residents grappling with overdue property taxes. The scheme offers a reprieve from penalties and interest charges, providing a significant financial incentive and businesses to clear their outstanding dues. Residents who have not paid their property taxes in the past are subject to a 20% penalty and 18% annual interest on any unpaid taxes. However, under the state government’s OTS policy, residents can pay the due tax in full without penalty or interest until December 31, 2023. 

A Win-Win Solution 

As we approach the culmination of this opportunity, those who have yet to seize it are urged to act swiftly. The OTS arrangement serves as a win win solution for both property owners and the city at large, fostering financial responsibility while bolstering municipal resources for the collective benefit of the city of Ludhiana. According to the MC chief, residents can also receive a 10% discount on their water and sewer user payments for the current fiscal year. Officials from the civic authority claimed that bills for the current fiscal year (2023-24) have already been issued online. 

Conclusion 

In conclusion, the remaining days leading up to 31st December offer a vital window for property owners to join the ranks of those who have already embraced this opportunity, securing a brighter financial future for themselves and contributing to the continued growth of Ludhiana.