The officials belonging to the Chennai Corporation have mentioned that more than 54% of the tax assesses have paid their property tax ahead of the deadline for the half year period. They have added that the number of persons paying Rs 50000 or more have increased from 13000 to 23000 now.
Ahead of the 30th September 2022 deadline for the half year period from April to September 2022, more than 54percent of 13lakh property assesses have paid their property taxes belonging to the 15 GCC zones. The officials have brought out that the property tax amount would be touching a mammoth amount of Rs 1000 crores this half year if the advance payment by NRIs having property in Chennai are taken into consideration. For more than 20% of the property owned by NRI`s, tax is being paid in advance for many years.
Till now, the Chennai Corporation has received an amount of Rs 600 crores or 65% and by the end of this month Rs 1100 crores would be collected. This was as per some officials from GCC.
The officers added that till now, the highest collection of 65percent has been registered in the category of huge taxpayers who pay more than Rs 50,000 for half a year. Chennai has got about 13lakh taxpayers and of those just 23000 property owners have to pay more than Rs 50000 as their property tax amount in this half year period. It is worthy to note here that after the tax amount was revised to meet the guidelines of the World Bank the number of big tax payers of Rs 50000 and more for half year period have increased from 13000 to 23000.
It is believed that the World Bank would provide an additional loan for every percentage point increase in the GCC own revenue source. Truth is that it is actually a loan for the redevelopment of infrastructure and the interest would be paid by the government.
There has been more pressure now on the residents to pay their property taxes before 30th of September and GCC and Metro Water department have been organising camps to collect the amount.