Unimaginable increase in the property taxes in Chennai, residents shocked!!
Posted on: 02/Apr/2022 9:23:09 AM
Many Chennai residents would find this piece of news a tough pill to swallow!!
It is now said that in Chennai the property taxes would increase by a huge 150%. In the town panchayats and in the municipalities in TN the property tax might increase by 50% to 100%. The town panchayats and municipalities have been given orders by the state government to increase the property tax from 1st of April.
The Municipal Administration secretary Shiv Das Meena issued a gazette notification dated 30th march and as per the notification it was clear that for the residential properties below 600 sq ft in town panchayats and in the municipalities property taxes would be increased by 25%, for the properties between 600 sq ft and 1200 sq ft the property tax would be hiked by 50%. The gazette notification stated that for those properties between 1201 sq ft and 1800 sq ft the property tax hike would be 75% and for the properties above 1800 sq ft the property tax hike would be 100%.
Information is that a committee appointed to revise property taxes has also recommended taxes to be revised in Chennai and in other corporations. The property taxes in the core places in Chennai would shoot up from 50% to 150%. Property taxes in the suburbs merged with Chennai in 2011 and in other state corporations the property taxes would go up by 50% to 100%. It is worthy to note that since most people live in buildings that are below 1200 sq ft the tax increase would not affect them.
The property tax increase would be 100% for commercial buildings and the property tax hike would be75% hike for factories and various educational institutions. From Rs 3240, the maximum property rates for 600 sq ft buildings in Chennai would increase to Rs 4860.
