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Greater Chennai Corporation Reports Rs 44 Crore Surge in Property Tax Collection for 2023-24 Fiscal Year
The property tax collection for the fiscal year 2023-2024 has surged by Rs 44 crore in comparison to the previous financial year, with the civic body amassing a total of Rs 1,600 crore. The highest collection, amounting to Rs 315 crore, was recorded in the Teynampet zone (zone 9). Despite the increase, the total falls short of the fixed target of Rs 1,680 crore.
According to Chennai Corporation data, while Rs 1,556 crore was collected in property tax in the preceding fiscal year (2022-2023), the figure rose to Rs 1,600 crore in 2023-2024, with 15.37 lakh receipts issued to property owners.
The corporation saw a notable rise in property tax collection within a week, increasing by Rs 142 crore from Rs 1,458 crore collected as of March 21. The revenue department received an additional Rs 41 crore on the final day of the financial year on March 31.
Similarly, professional tax payments increased by Rs 6 crore compared to the previous financial year, reaching Rs 535 crore in 2023-24 from Rs 529 crore. However, this falls short of the revised estimate of Rs 1,680 crore for property tax and Rs 500 crore for professional tax.
In response, Chennai Corporation has initiated measures to collect outstanding taxes and penalties from defaulters, attributing the shortfall partly to the impact of Chennai floods and the Lok Sabha election on the financial year`s collections.
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