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Chennais Property Tax Collection Records Impressive Growth in FY 2023-24
Posted on: 02/Oct/2023 9:02:44 AM
The Greater Chennai Corporation (GCC) has reported a remarkable surge in property tax collection for the first half of the current fiscal year, breaking previous records. From April to September 2023, the GCC successfully collected Rs 769.01 crore in property tax, showcasing a substantial increase compared to the previous financial year.
Zone-wise, Teynampet (Zone 9) emerged as the top contributor, with property owners contributing a substantial Rs 144.45 crore in the last six months. Following closely behind was Royapuram zone, which added Rs 97.41 crore to the tax revenue. In contrast, Manali zone and Tiruvottiyur zone recorded lower collections, with property owners contributing Rs 12 crore and Rs 10 crore, respectively.
The noteworthy highlight of this fiscal year was the remarkable single-day collection of over Rs 40 crores in property tax on September 30th, demonstrating the city`s commitment to revenue mobilization.
Additionally, the GCC reported an impressive collection of Rs 257 crore in professional tax during the first half of the fiscal year, surpassing the previous year`s collection. However, the GCC is keen to ensure full compliance with tax payments and has stated that it will take legal action against defaulters, including penalties.
A senior official of GCC emphasized, "We are determined to recover outstanding dues, and the decision on further actions will be taken in consultation with the corporation commissioner."
Furthermore, it has come to light that 100 commercial property tax owners failed to fulfill their obligations in the previous financial year. Fortunately, 60 percent of these defaulters have now paid their property taxes. For those who remain non-compliant, the local body is prepared to take action, including property attachment.
In the previous fiscal year, the Chennai Corporation set an ambitious target of Rs 1,500 crores for property tax collection and successfully collected Rs 1,522.86 crores from property owners, reflecting a significant achievement. This marked a substantial increase from the 2020-2021 financial year, when the civic body collected only Rs 959.34 crore, with property tax accounting for Rs 471.66 crore. The highest property tax collection in recent years was recorded in the financial year 2018-2019, with a total of Rs 979 crore.
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