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Chennai Corporation Mislays Massive Currency- 60% Assets Lingers Underrated
Because of its catastrophe in revising the property tax structure since 1998 and colossal underrated of assets, the Chennai Corporation has been losing many Crores of rupees.
Additionally,
more than 60% of asset owners in the city with residential area in excess of
10,000 sqft have underestimated the property to shell out a trifle in tax. As
many as 4,919 buildings in the city gauge more than 10,000 sqft, showed by the official
figures.
"We
instigated that more than 1,200 buildings valuing more than 10,000 sqft have
paid only a trivial amount as property tax for more than a few years," the
official whispered.
Owners of
commercial enterprises, residential apartments and government buildings all are
failed to forfeit the tax based on the size, location and current cost of their
possessions.
Even though
the numeral value of taxpayers in Chennai have increased from 6.5 lakh to 10.82
lakh subsequent to the city`s spreading out in 2011, Chennai lays one among the
least property tax crew of all metros.
During the
fiscal year 2012-2013, Chennai Corporation cleared up Rs 461 Crores of its
targeted Rs 500 Crores in property tax. For this financial year, the civic body
acquires only Rs 303 Crores of its targeted Rs 550 Crores.
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