If you have a house or own a business establishment that falls under the jurisdiction of the New Delhi Municipal Council (NDMC), there is good news for you.

The council has decided to give 5% rebate on property tax for both commercial and residential properties to pay on time.

According to the director (tax) of NDMC, Hrishikesh Kumar, since there are just two months left of the financial year 2012-13, a decision was taken in a meeting of the council last week to offer this incentive to taxpayers.

"If someone comes to us to pay the tax before March 31, then he will be given a five per cent rebate after assessment of the valuation of his property," Kumar told Hindustan Times.

The official said the council has similar tax slabs for both commercial as well as residential properties.

"While properties that are below Rs.10 lakh are taxed at 20%, the ones between Rs.10-20 lakh have to pay 25%. Any property above Rs.20 lakh would be charged at 30%," he said.

Earlier, in its annual budget, the council did not announce any big projects.