CHENNAI: The Greater Chennai Corporation has collected Rs 817 crore in property tax for the fiscal year 2024-2025 (from April 1 to September 26).
Out of this, the highest amount was from Teynampet (Zone 9) with Rs 157 crore, and the least was from Manali (Zone 2) with Rs 10 crore.
At least Rs 120 crore has been paid by owners in September so far. Those who haven’t paid the tax by end of September will have to pay 1% penalty. From April to August, the civic body has collected Rs 697 crore. It’s noteworthy that the majority of taxpayers have paid in April itself, and the collection was Rs 374 crore.
Among the zones, the highest amount came from Teynampet (Zone 9) with Rs 157 crore, followed by Royapuram (Zone 5) Rs 114 crore and Rs 100 crore in Adyar (Zone 13). Out of the zones that paid the least amount of tax, Manali (Zone 2) in north Chennai paid only Rs 10 crore, Tiruvottiyur (Zone 1) paid Rs 12 crore and Madhavaram (Zone 3) paid Rs 23 crore.
A total of Rs 693 crore was collected in first half of the previous financial year 2023-2024. The property tax collection has increased by 17.90% in the present year.
Similarly, the company tax saw a drastic surge in collection with Rs 172.72 lakh (2024-25) and Rs 60.51 lakh (2023-24), which has increased by 183%. Tax collections including property, professional, entertainment, and company witnessed a 15% surge in the current financial year.
On the other hand, the Corporation has increased the property tax by 6% (effective from October 1), which is the second half of the financial year. The State government has issued a decree stating that property tax will be raised annually, according to the 15th Finance Commission’s recommendations.
It’s noteworthy that the annual value of land, buildings, storage structures or telecommunication towers shall be revised each year by the simple average growth rate of GSDP for preceding five years or by 6% - whichever is higher except for the years in which general revision is carried out.