Property tax to go up every year as GCC plans street rate revision

According to a Corporation notification, basic street rates will be increased by 6% every year or based on a five-year average of TN’s GDP growth. “The increased basic street rates will be implemented on April 1 of every year,” the notification said. The civic body also requested the public to share their objections within 30 days.

Basic street rates in the city have remained unchanged for more than 20 years and property owners have been paying the same amount every half year. “After we receive public opinion, a notification will be sent to the Council for approval,” the official said. The current basic street rates were calculated by the civic body based on commercialisation of roads and streets. More commercialised streets have higher basic street rates and vice versa.

The revision, which has been proposed by the government, is an one-time exercise as the tax amount will be revised based on the size of the buildings and not the basic street rates.