Buildings built before 2008 are liable to higher tax amount
Posted on: 10/May/2017 4:45:34 PM
Do you own a home or shop built before 2008? You may be liable to increased property tax in the city. For property tax assessments, the Chennai Corporation has revised the liability cess. The amount is doubled from 5 paise per rupee to 10 paise. All owners of buildings constructed after 2008 are already paying 10 paise per rupee.
The library cess amount and the property tax are forwarded to the local library authority.
A report by the Accountant General for 2012-13 read that in spite of increase the library cess from 5 paise to 10 paise, the corporation has been levying library cess just at the rate 5 paise per rupee. Since 2008, the property tax revision is not done and no increase in library cess is done too.
The Corporation Special Officer then passed a resolution on 26th April. Following this, the Revenue department requested revision of library cess at all zones and increase it to 10 paise per rupee.
It is expected that at least half of the building owners will pay higher tax starting from 2017-18. To note, there are 11.7 lakh property tax assesses.
