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PUNE: The Pune Cantonment Board (PCB) has hiked the residential and commercial property taxes of all houses and establishments in Pune Camp.

PCB chief executive officer (CEO) S.K. Sardana told TOI that the measure would help to increase the board’s revenue by 10-12 percent during the fiscal year 2006-07 . Property tax rates in Pune cantonment were last revised in 2003.

According to the new rates, domestic property tax will go up by 10 per cent and commercial establishments tax by 20 per cent. This will affect more than 15,000 households and around 8,000 commercial establishments.

The revision, termed as the final assessment revision, will be operational for the three-year period starting from April 1, 2005 and lasts till March 31, 2008.

During 2005-06, the PCB had accumulated property tax revenue to the tune of Rs 4.80 crore. The board is hoping for a Rs 30 lakh increase in 2006-07 , Sardana said.

Source: Times of India