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Greater Chennai corporation (GCC) has strategized to collect tax from 2.79 lakh under assessed properties (owners of individual houses, educational institutions and commercial properties, hospitals) by re-assessing them. These properties have been identified with the help of GIS technology based on changes in their area, measurements, and remodelling structure. The re-assessment is expected to boost the property tax revenue by 300 crores annually.
The Corporation body has scheduled to complete re-assessment of properties in the next nine months with a budget of five crore. The task in tendered out to three contractors specialised in topographical surveys and works contract. Off the 2.79 lakh properties, 43 percent is assigned to Prime Meridian surveys private limited, 28 percent to Arul Nambi Engineering consultants and 15 percent to Arasu Associates. The balance 14 percent will be assessed by the Corporation themselves.
According to Corporation’s assessment on the 15 zones, Valasaravakkam zone has the maximum number of underassessed sites, with 25,931 buildings that has deviation at the ground level, while Sholinganallur zone has the lowest with 7,125 underassessed buildings. Tiruvottiyur zone has 15,479 under-assessed buildings, Manali 7,749, Madhavaram 13,945, Tondiarpet 22,188, Royapuram 17,092, Thiru Vi Ka Nagar 23,364, Ambattur 23,916, Anna Nagar 22,099, Teynampet 20,204, Kodambakkam 23,122, Alandur 18,130, Adyar 18,210 and Perungudi 20,686.
Property tax target was set at 1500 crore for the fiscal year 2022-23 of which the civic body has managed to collect 1,450 crores. The revenue collection under property tax head has doubled compared to last year’s collectable at 700 crores. The Corporation has surged the target to 1,600 crores for the current fiscal year.
Property tax is the prime tax charged by Corporations and local bodies which must be paid by every building owner and takes supremacy over all other taxes. It is calculated for the annual year and divided into two terms of six months each. If an assesses pays tax in advance or within fifteen days of tax starting cycle (April 1-15 and October 1-15), he would be eligible for 5 percent discount. The incentive must, however, not exceed more than Rs 5000. This scheme was introduced by civic body through an amendment in Chennai City Municipal Corporation Act, 1919. A penalty of 2 percent would be charged automatically to the assessed value after the end of fifteen days of the tax cycle.
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