An increase of ₹44 cr in property tax collection during FY 2023-24: GCC

CHENNAI, Tamil Nadu: The property tax collection by the Greater Chennai Corporation (GCC) for the fiscal year 2023-24 has increased by ₹44 crore, compared to the previous financial year where they collected ₹1,600 crore.

The highest amount of property tax collected is in the Teynampet zone (zone 9), which is ₹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 ₹1680 crore.

According to Chennai Corporation data, in FY2022-23, ₹1556 crore property tax was paid whereas in FY 2023-24, ₹1600 crore tax was paid by the property owners. The local body has received 15.37 lakh of receipts from the property owners. 

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 organisations 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.”