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Chennai Corporation Targets Doubling Property Tax Revenue, Implements New Policies!
The Chennai Corporation, reliant on property tax as its primary revenue, aims to double its annual revenue to Rs. 1,700 crore this fiscal year from its 1,359,000 property owners. Property tax deadlines are April 30th and October 30th, with a 5% early payment discount capped at Rs. 5,000 and a one percent monthly interest penalty for late payments.
Despite election duties in the first half of the fiscal year, the corporation collected Rs. 382 crore by April 30th, up Rs. 10 crore from the previous year. Over 522,000 property owners availed of the 5% discount in the past month.
Going forward, exemptions for property tax payments are discontinued. A one percent monthly interest penalty will apply for payments not received by September 30th. Property tax rates are highest in Teynampet.
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