Chennai Property Tax was recently in news owing to Chennai Corporation that is working hard to make tax assessment simple for hospitals, hotels, theaters and wedding hall. Chennai Corporation is the oldest Municipal Corporation in India established in 1688 that assesses Chennai Property tax. The city in the state of Tamil Nadu is the second largest city in India in providing IT/ITES services. Property tax is revised once in every five years and levied on immovable property including land and building. Taking the annual value of any building, the property tax assessment is done in Chennai and the commissioner determines this annual value. Earlier water and sewerage tax was included under the property tax in Chennai as there was no separate board for water and sewerage. But with the formation of Chennai Metropolitan Water Supply and Sewerage Board these taxes are paid separately and are about 30% of the property tax in Chennai. Few years back the property assessment was done completely by the assessing authority but now for the same purpose basic rate per sq feet of the build up covered area is provided. This build up area is called plinth. Then property tax for each property is calculated, which is based on the basic rate.
In this way property tax rate is determined for the assessment purposes. In past property tax was calculated by taking into account the land value separately. But this used to cause very large amount of tax. To reduce this burden of paying huge amount, Corporation has come up with the idea of taking land value as 10 per cent of the annual rental value of the building.
Chennai Corporation has made an online website that has every information pertaining to property tax in the city. It has got the option for Property Tax Calculator, property tax status and property tax online payment. Prior to the formation of website all the data related to property tax in Chennai was recorded manually, which used to make it a very cumbersome job.
But now the whole process has become very quick, as all the major services related to property tax are made online. Even to help public to calculate property tax, basic rates streetwise have been given. As a result of this everyone can calculate property tax in an easy way. After assessing property tax, demand notice is issued to the taxpayer in order to make payment. Now if you find the assessment is not right then you can make Property tax appeal before the Taxation Appeals Committee in cities. If this committee rejects your appeal then you can further present it before the City Civil Court in Chennai. Whereas in Municipalities you can directly go to the commissioner for the appeal, in case of rejection here present your appeal before the Municipal Council and further to the District Court.
There are many types of property which are exempted from property tax in Chennai as any property used for educational purposes along with hostel, school for deaf and dumb, old people’s home, orphans and homes for animals. Property tax due dates are prescribed by the Chennai Corporation. Property tax bills contain the information and determine the fairness of assessment.
Many professional property tax consultants working in Chennai can guide you throughout in the process of tax assessment till the payment of taxes and give knowledgeable property tax advice. Property tax estimators help you and provide an estimate on how much to pay
To know more on property tax in Chennai check the official website of Chennai Corporation.
Website: https://www.chennaicorporation.gov.in/