Alert: Today 31st October is the last day to pay Property Tax to GCC with a 5% Discount!
Posted on: 31/Oct/2023 12:29:57 PM
The Greater Chennai Corporation (GCC) has informed property owners that today, Tuesday, the 31st of October, is the last day to pay the due property tax with a 5% discount.
There are approximately 12 lakh property owners under the Greater Chennai Corporation (GCC). The GCC administration collects revenue of Rs. 1700 crores annually from these property owners.
In the current financial year (2023-24), a revenue of Rs. 769 crores has been collected in the first half-year (April to September). Consequently, the Greater Chennai Corporation has announced that property owners can avail of a 5% concession, with a maximum of Rs. 5000, by paying the property tax due for the second half of the financial year (October to March) before the 31st of October.
The target set for this collection is Rs. 500 crores.
It is estimated that a revenue of Rs. 850 crores will be collected for the second half of the current financial year. In this scenario, the Greater Chennai Corporation Administration has set a target collection of Rs. 500 crores in property tax (with a 5% discount) before the 31st of October. However, due to successive holidays last month, only Rs. 290.61 crores have been collected so far.
Penalty interest will be imposed for late payments.
The Greater Chennai Corporation has emphasized to property owners the importance of paying their due property tax before today, Tuesday, the 31st of October, in order to avail of the 5% discount. Furthermore, GCC officials have explained to property owners that if the property tax is not paid within the stipulated time, immediate and stringent legal actions will be initiated, such as property confiscation and the imposition of penalty interest.
