This decision taken by GCC might shock and surprise the residents of Chennai!!
Posted on: 14/Apr/2022 9:34:22 AM
For all the Chennai residents, here comes news that might surprise you!!
Just a few days have gone since the government of Tamil Nadu has increased the property taxes in the range 25% to 100%. Now, GCC has made it clear that it would increase the basic street rates and this would mean that the property tax rates would increase every year in Chennai.
It was brought out by a notification from Chennai Corporation that the basic street rates would be increased by 6 percent every year or based on the 5 year average of TN GDP. Every year on 1st of April, the increased street rates would come into effect in the Chennai city. It is learnt that the GCC has asked the residents to share their objections within 30 days. The surprising information that has come out is that the basic street rates in Chennai have remained the same for more than 20 years.
Every half year, the owners of the properties have been paying the same amount as the property tax amount. The officer belonging to GCC mentioned that after the public opinion was obtained then a notification would be sent to council for approval. Point is that based on the commercialisation of roads and streets, the current basic property rates were calculated in Chennai.
It must be taken into account that more commercialised streets have higher basic street rates and vice versa etc. Information gathered is that the revision of property taxes would be a one time exercise as the tax amount would be revised based on the buildings sizes.
