Greater Chennai Corporation Nears ₹700 Crore Property Tax Collection Target Ahead of Deadline
Posted on: 05/Oct/2023 11:39:22 AM
The Greater Chennai Corporation (GCC) is on track to surpass its property tax collection goal of ₹700 crore before the September 30 deadline. During the first half-year period from April to September 2023, the GCC collected ₹680.58 crore from approximately seven lakh property assesses, marking a significant increase of ₹91 crore compared to the same period last year. This surge in collection can be attributed to the implementation of the Tamil Nadu Urban Local Bodies Act.
The GCC witnessed a daily tax collection of ₹4 crore in the days leading up to the deadline, with expectations of crossing ₹40 crore on the final day of September.
To address residents` concerns about property tax collection, the GCC plans to make amendments to the Act, aiming for a more rationalized property tax structure in areas like Alandur, Ambattur, and Madhavaram, where rates remain high.
Starting October 1, the GCC will send QR codes to residents` WhatsApp numbers to facilitate property tax payments across the city`s 15 zones.
Out of the 13.5 lakh property tax assesses, over 6.5 lakh are expected to make payments between September 25 and September 30. Those who miss the deadline will incur a 1% monthly penalty, as per the new Act. However, early payments from October 2023 to March 2024 will be incentivized with a 2% discount, capped at ₹5,000.
