Chennai’s property tax rises by more than 50%
Because the State authorities instructed metropolis panchayats and municipalities to adjust tax charges beginning April 1, property tax expenses in Chennai may rise by as much as 150 percent, and on town panchayats and municipalities around Tamil Nadu by as much as 50 percent.
According to a gazette notification issued by Municipal Administration Secretary Shiv Das Meena on March 30, taxes on residential houses under 600 square toes in town panchayats and municipalities will be hiked by 25%; houses between 600 square toes and 1,200 square toes will be hiked by 50%; houses between 1,201 square toes and 1,800 square toes will be hiked by 75%, and houses above 1,800 square toes will be hiked by 75%.
According to a news release, a group charged with revising asset taxes has also recommended that taxes in Chennai and other agencies be updated. According to the suggestion, although asset taxes in Chennai’s central town districts would increase by 50 percent to 150 percent, charges in suburbs that united with Chennai in 2011 and other agencies around the state will increase by 50 percent to a hundred percent.
Because most people live in homes that are less than 1,200 square feet, the tax rise may no longer have a significant impact on people, according to the press release. The increase can be as much as a hundred percent for residences used for industrial purposes. Even for companies and educational institutions, the increase might reach seventy-five percent.
While the highest assets tax in Chennai would rise from Rs 3,240 to Rs 4,860 for 600 square feet of residential property, taxes in Bengaluru will rise from Rs 8,860 to Rs 8,860, in Kolkata from Rs 15,984, and in Pune from Rs 17,112. The tax amount in Mumbai is Rs 84,583, according to the discharge. In Coimbatore, a tax of Rs 972 collected on a 600-square-foot residential building might equal Rs 1,215.
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