Rs 1,600 cr property tax collected, yet to reach target

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 9) with Rs 315 crore.

Though the tax collected has increased compared to the previous year, it still has not reached the fixed target of Rs 1,680 crore.

According to the Corporation data, in 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. The local body has received 15.37 lakh of receipts from property owners.

As on March 21, the Corporation has collected Rs 1,458 crore but within a week, it had 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 also increased by Rs 6 crore compared to last the financial year where it was Rs 529 crore. In 2023-24, a total amount of Rs 535 crore has been paid from the organisations.

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

For the current fiscal year, the Corporation expects to collect Rs 1,750 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 the Corporation told DT Next, “Various measures have been taken to collect both property and professional tax along with penalty charges from the property owners and organisations from the defaulters and notice will be sent. It is noted that the December flood and Lok Sabha election have impacted the collection for the financial year.”