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Latest sensational revelation from Chennai Corporation about property tax payment!!
Posted on: 27/Sep/2022 9:51:15 AM
The Chennai Corporation have brought out that 54% of the people have paid their property tax before the half yearly deadline of 30th September. Chennai has got more than 13 lakh property owners and above 7 lakhs have been notified regarding the property tax payment.
New strict action would be taken by Chennai Corporation against those property owners who have not paid their property tax for a long time. It was decided by the Chennai Corporation to seal those buildings of the owners who have not paid their property tax for a long time. It is now said that the Chennai Corporation would be giving 6 months notice to those buildings for which the property tax has been pending. The house owners could measure their houses and inform them about the taxation.
The corporation of Chennai would get an income of Rs 1400 crores per year if the property taxes were paid on time by the house owners. If the increased property tax amount is collected then the corporation would get an additional income of hundreds of crores of rupees. The property tax amount would touch Rs 1000 crores in this half year if the NRI pays upfront for their properties in Chennai. For many years, more than 20% of properties owned by NRIs have been taxed in advance.
Till now, Chennai Corporation has collected Rs 600 crores as property tax amount and it is expected to collect Rs 1100 crores till 30th of September. In the category of huge taxpayers who pay above Rs 50000 for half a year, a maximum of 65% has been recorded and this has been brought to light now.
During this half year period, just 23000 in the above Rs 50000 category have paid their property taxes. This is out of a total of 13lakhs property owners in Chennai. The number of big taxpayers paying more than Rs 5000 per half year has increased to 23000 from 13000 and this was after increasing the property tax amount as per the norms of World Bank.
For every percentage point increase in the gross revenue of Chennai Corporation, the World Bank would lend an additional amount. This is actually a loan for civic infrastructure development and it would be paid by the TN government. To develop schemes for streetlights, roads, drainage, SWM, schools, hospitals, parks etc loan is issued by the World Bank to Chennai Corporation.
In the half year in 2021, the property tax amount collected was Rs 450 crores but in 2022 for the same time period Rs 600 crores has been collected till now. It is the duty of every resident in Chennai to pay their property tax on time and then only the Corporation of Chennai would be able to provide world class infrastructure for the residents.
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