Property tax collection increased by Rs 44 crore in 2023-24 fiscal year: GCC

CHENNAI: The property tax collection for the fiscal year 2023 - 2024 has increased by Rs 44 crore, compared to the previous financial year as the civic body has collected Rs 1,600 crore.

The highest amount of property tax collected is in Teynampet zone (zone 9), which is Rs 315 crore.

Though the tax amount collected by the city corporation has increased compared to the previous year, the collected tax from the property owners has not reached the fixed target of Rs 1,680 crore.

According to Chennai Corporation data, in the previous financial year 2022 - 2023, a total amount of Rs 1,556 crore property tax was paid whereas in 2023-2024 Rs 1,600 crore tax was paid by the property owners.

The local body has received 15.37 lakh of receipts from the property owners.

As on March 21, the corporation has collected Rs 1,458 but within a week the property tax collection has increased by Rs 142 crore.

The revenue department received Rs 41 crore on the last day of the financial year 2023-2024 on March 31. Similarly, the professional tax payment has increased by Rs 6 crore compared to last financial year where it was Rs 529 crore.

In 2023-24, a total amount of Rs 535 crore has been paid from the organizations.

The revised property tax estimate for the financial year 2023-2024 has been fixed at Rs 1,680 crore. However, the local body has collected only Rs 1,600 this fell short of the fixed target.

For the current fiscal year, they have expected to collect Rs1,750 crore.

Similarly, the revised amount of professional tax is Rs 500 crore whereas the tax is expected to be Rs 550 crore in 2024-25.

A senior official with Chennai Corporation, "Various measures have been taken to collect both property and professional tax along with penalty charges from the property owners and organizations from the defaulters and notice will be sent. It is noted that the Chennai floods and Lok Sabha election has impacted the collection for the financial year."