The State government has waived interest on property tax arrears and dues for 2011-12. In GO Ms. No.138, dated 24.3.2012, the government made it applicable to the corporations of Hyderabad, Visakhapatnam and Vijayawada also.
The interest waiver will be applicable to those who pay the arrears and current year's tax in lump sum or in instalments before March 31.
If some have already paid interest, it will be adjusted towards future property tax payment and no cash refund will be made.
In a statement, Deputy Commissioner of Revenue M. Viswanadham said the interest waiver would benefit people to the tune of Rs.10 crore. The Rs.6.5 crore so far collected as interest would be adjusted against the property tax payable in 2012-13. This year's interest was estimated at Rs.3.4 crore and it would also benefit people.
Of the arrears of Rs.129 crore, so far Rs.40 crore has been collected.