The Tamil Nadu government on Saturday announced the implementation of amendments to broad categories of property tax. It has been proposed to increase the tax by up to 150 per cent for the local bodies to collect revenue.
The Tamil Nadu government on Saturday announced the implementation of amendments to broad categories of property tax.
Tamil Nadu (Tamilnadu) government property tax (Property Tax) Announced on Saturday to implement amendments in broad categories of revenue for local bodies (Revenue) A tax increase of up to 150 per cent has been proposed for collection. However, the state government claims that despite this hike, these rates (New Rates) Less than other states. The main opposition party AIADMK targeted the ruling Dravida Munnetra Kazhagam (DMK) government over this increase in tax, saying that this is just the beginning. DMK’s ally Congress also opposed this tax hike, saying that it would increase the burden on the public.
Property tax has been changed to 50 percent for residential units with an area of less than 600 square feet located in the main area of Tamil Nadu capital Chennai. At the same time, it has been increased by 75 percent for buildings built in 600 to 1,200 square feet and 100 percent for buildings built in 1,200-1,800 square feet.
Changes as per the recommendations of the 15th Finance Commission
According to the order of the state government, the property tax rates have been changed by 150 per cent for residential units built in Chennai having an area of more than 1,801 sq ft. Clarifying his government’s stand on the questions raised in this regard, Tamil Nadu Municipal Administration Minister KN Nehru said that this change in taxes has been done in accordance with the recommendations of the 15th Finance Commission. Apart from this, the decline in the revenue of the urban bodies has also led to the decision to increase the tax rate.
Apart from this, let us tell you that NAREDCO, an organization of real estate companies, has requested Uttar Pradesh Chief Minister Yogi Adityanath to resolve various issues related to land arrears at the earliest, so that builders will be able to complete their ongoing projects and develop. To settle the dues of banks with the authorities. RK Arora, president of the Uttar Pradesh unit of NAREDCO, in a letter to the Chief Minister, has said that it is with great concern that banks and other financial debtors are bringing developers and their projects to NCLT proceedings and making them insolvent. are declared.
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