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Property Tax for the rented residences reduced to 50%
Posted on: 26/Jul/2018 5:38:48 PM
There was a recent revision in Property Taxes announced by the state government of Tamil Nadu. Strong protests and objections were raised on this upward revision on behalf of the political parties and others. Demands were made to take back the increased rates.
At the same time, the state government of Tamil Nadu is looking forward to the additional revenue of Rs. 1160 Crores with the above revision in property taxes.
In this situation, the state government has come forward with an explanation for the upward revision of the property taxes. It is mentioned that this revision in property tax will be effective from the 1st half of the financial year 2018-19. Further, it is mentioned that there is no need to make payments with the past dates n this regard.
Further, the state government has reduced the Property Tax for the rented residences for the recently announced 100% to 50%. It is mentioned that the property tax will be the same for both the owned accommodations as well as the rented accommodations.
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