Alert: Property Tax Up!! Note the tax to be paid for your house/property!!
Posted on: 02/Apr/2022 2:53:38 PM
The Property Tax is being revised up by 25% for the houses/flats with an area less than 600 sq. ft.
For the properties in the area ranging from 601 sq. ft. to 1200 sq. ft., the Property Tax is revised up by 50%!
For the areas from 1201 sq. ft. to 1800 sq. ft., the Property Tax is revised up by 75%!
For the houses/flats with an area above 1800 sq. ft., the Property Tax is revised up by 100%!
For commercial buildings, the Property Tax is being revised up by 100% and for industrial and academic (education) premises/constructions, the Property Tax is being revised up by 75%!
Similarly, property value for constructions in the areas under the jurisdiction of the Greater Chennai Corporation and other 21 Corporations, is set to be revised upwards in the Financial Year 2022-23.
As per the rep[orts received by the special committee regarding the appreciation of property prices in the areas under the jurisdiction of the various corporations, for the construction under 600 sq. ft. in the main urban areas of Chennai Metro City, it is revised up by 50%.and for the areas merged with Chennai in 2011, the Property Tax will be revised up by 25%. And for the areas from 600 sq. ft. to 1200 sq. ft. in Chennai Metro City�s Main areas, the Property Tax is up by 75%. For areas from 1200 sq. ft. to 1800 sq. ft., it is revised up by 100%!
For constructions above 1801 sq. ft. in the area merged with Chennai Metro City, the Property Tax is up by 150%. For the areas that merged with Chennai Metro City in 2011, the Property Tax will be up by 50% for areas from 600 sq. ft. to 1200 sq. ft., it will be up by 50%. For areas in the range of 1200 sq. ft. to 1600 sq. ft., it will be up by 100%.
Up by 150%
For the commercial complexes/building in the main areas of the Chennai Metro City, the Property Tax will be up by 150%!
For Industrial buildings and academics (education - schools / colleges / polytechnics), the Property Tax will be up by 100%!
For the commercial complexes in the areas linked with Chennai Metro City in 2011and and in other Corporations, it will be up by 100%.
The committee has also recommended a 75% increase in Property Tax for industrial and academic institutions.
The State Government of Tamil Nadu has accepted the recommendations of the committee and has recommended the same be implemented by the respective corporations.
