Greater Chennai Corporation Sets Rs. 500 Crore Property Tax Collection Target for Second Half of the Year!
Posted on: 16/Oct/2023 11:59:48 AM
In Chennai Metro City, there are 12 lakh property owners who are required to pay Property Tax twice a year for properties within the Greater Chennai Corporation`s (GCC) jurisdiction. The GCC collects a total of Rs. 1700 Crores in Property Tax annually from these property owners.
For the first half of the financial year 2023-24 (from April to September), the GCC announced a concession, and they have collected a total revenue of Rs. 769 Crores during this period.
For the second half of the year (from October to March), a total Property Tax of Rs. 850 Crores needs to be collected. After announcing the concession, the GCC set a collection target of Rs. 500 Crores by October 31.
The Greater Chennai Corporation officials have provided the following information:
Property owners in GCC`s jurisdiction must pay Property Tax for the first half of the year (from April 1 to September 30) and the second half of the year (from October 1 to March 31).
For property owners who pay the Property Tax for the first half of the year by April 30 and the Property Tax for the second half of the year by April 30, the GCC has announced a discount (concession) of up to Rs. 5000.
Property owners will receive reminders about Property Tax payments through SMS, along with information on the website for online payment.
Property Tax can also be paid using credit or debit cards through the Property Tax Collectors equipped with hand-held PoS devices.
Direct payment of Property Tax can be made at E-Service centers in Zonal or Ward offices and at banks with whom GCC has agreements.
Property Tax can also be paid through apps such as `Namma Chennai,` PayTM, and the GCC official website: www.chennaicorporation.gov.in, or by scanning the QR code provided in the Property Tax Statement.
The GCC has set a collection target of Rs. 500 Crore in Property Tax by October 31.
Previously, there was no immediate legal action for those who failed to pay Property Tax before the deadline. However, a new Public Law now applies to all local administrations in the city. According to this law, failing to pay Property Tax by October 31 will result in a penalty of 1% per month of delay.
Furthermore, the local administration can now confiscate properties owned by those who fail to pay Property Tax on time, as opposed to only confiscating the specific property for which the tax was not paid. All defaulters who fail to pay Property Tax will have their propoperties confiscated shortly.
