For the second half of the year from 1st of October till yesterday, the Chennai Corporation has collected Rs 375 cr now. This was brought out by some officials from the corporation.
It is well known that property tax is the main source of revenue for the Chennai Corporation. Using the property tax amount, essential infra structural works for the public, sanitation works, SWD works, street lights, park and road maintenance, public health and disease prevention works etc would be carried out. From 13.5lakhs property owners in Chennai, property tax is being collected by the Chennai Corporation twice. This is for a half year property tax amount of Rs 850 cr is collected and for a year Rs 1700 cr is collected.
As per the TN Urban Local Government Bodies (Amendment Act) 1998, the property owners would have to pay their property taxes to the Chennai Corporation for the first half year from 1st April to 30TH September. In the same way, they would have to pay their property tax for the second half year from 1st October to 31st March. An additional 1percent property tax would have special interest to be paid by those property owners who fail to pay their property taxes on time.
It is known that those property owners who pay their property tax within the first 15 days of every half year would be provided with an incentive up to Rs 5000. Awareness regarding the payment of property tax is also made through SMS and notices etc. It is known that the property tax of Rs 765cr was collected in the first half year.
Now, the Chennai Corporation officials have revealed that the property tax that has been collected for the second half year from 1st of October till yesterday was Rs 375 crores. In another 4 months, the property tax amount collected would be up to Rs 430 cr.