The property tax hike in Chennai Corporation will generate revenue of over Rs 1,500 crore for the financial year. Corporation officials have also initiated work to revise the property tax based on the area-wise valuation of the land. Through this revenue, salaries are paid to the officers and employees of the corporation. In addition, interest is paid on loans taken from the Corporation, the Reserve Bank, the World Bank, etc.
In Chennai Corporation, property tax has not been raised since 1988. In 2011, despite the expansion of the Chennai Corporation, property taxes increased
No change. Also, in the case of a corporation, the property tax is determined on a per-area basis. In this context, in 2017, the Chennai High Court ordered that the property tax, which had not been raised for many years, be raised.
Back then, it was raised 50 percent for residential buildings and 100 percent for commercial buildings. There have been a series of complaints from the public that property taxes have been raised several times. He also said that the overpaid property tax will be credited in the coming years.
Already, the Chennai corporation, which is reeling under a debt of over Rs 2,000 crore, has had to rely on the Tamil Nadu government for various projects due to loss of revenue. Thus, the city is reeling under insufficient funding for development and basic infrastructure of the people.
Currently, the DMK is raising the state property tax, which is causing discontent among the people.
In this regard, the corporation officials said: Awareness is being created about the property tax hike in some zones in Chennai Corporation on a pro rata basis so that the people can understand. Accordingly, the property tax will be revised and raised according to the value of the land. Through this revenue, the corporation will get revenue of over Rs. 1,500 crore for the financial year. Through this, various project works can be carried out. In addition, property tax was raised in Jharkhand in 2017, in Andhra Pradesh, Madhya Pradesh, Telangana in 2020 and in Karnataka in 2021. In the Corporation of Chennai, since 1998, various structures have been established. Urban development has also risen to world standards. Therefore, people should accept the current property tax hike.
They said.- Our correspondent –