Hereafter, this new method from GCC would be followed in calculating property taxes in Chennai
Posted on: 12/Apr/2022 10:02:21 AM
The Greater Chennai Corporation or GCC assessing the property taxes of the special buildings in Chennai based on the rents they collect from the customers, patients and ticket prices etc would soon become a thing of the past!!
It is known that a certain percentage of rents and charges were levied as property tax amount. Higher the rents, then more money would be collected as property tax from the owners.
Now it is revealed that the property tax assessment for special buildings would be based on the extent of the building. This was according to a resolution that was passed in the Chennai Corporation Council to change the assessment method. It is learnt that based on the recent GO the new change would be implemented during the property taxes revision exercise.
The resolution had clearly mentioned that apart from the size of the buildings the street rates of non-residential buildings would also be taken into account for property taxes calculation. The property tax of the vacant plots would be increased from 0.50 paise per sq ft to Re 1per sq ft.
It must be noted that if any building premises left two thirds of land vacant then tax would be levied at Rs 1 per sq ft. Based on the age of the buildings, the GCC would also give rebate or discount for the residential buildings in Chennai. Point is that GCC would give a rebate of 10% in the total property tax for those buildings that were built before March 1997. A rebate of 6% in the total property tax would be given for those buildings that were constructed between April 1997 and March 2007.
Those buildings constructed between April 2007 and March 2017 would be given a discount of 3% by the civic body. There would not be any rebate for those buildings that were constructed after 2017.
