Chennai Corporation Exceeds Property Tax Collection Target, Announces Incentive for Timely Payments!
The Chennai Corporation has exceeded its property tax collection target for the 2023-24 financial year by a staggering Rs. 1,750 crore. To reward timely payments and maintain this positive trend, the corporation has announced a 5 percent incentive for individuals who settle their property taxes for the upcoming financial year 2024-25 within the next 30 days.
Property tax, along with business tax, forms the backbone of the corporation`s revenue, with more than 13 lakh property owners contributing annually.
The Municipal Revenue Department`s proactive measures, including issuing notices to delinquent entities like Chennai Port, have been instrumental in achieving this surplus collection.
For the 2024-25 financial year, the corporation has set an ambitious property tax collection target of Rs. 1,750 crore.
Moreover, property owners stand to benefit from a 5 percent incentive if they pay their half-yearly property taxes within the first 30 days of each financial year, with a cap set at Rs. 5,000.
Efforts are underway to streamline property tax collection from railway residences and offices, with an estimated annual collection surpassing Rs. 12 crore.
Additionally, the corporation is focused on resolving property tax arrears amounting to Rs. 150 crore pending due to litigation.
Citizens are urged to seize the opportunity to avail themselves of the incentive by promptly settling their property taxes, as these contributions are vital for funding the city`s developmental projects.
