economy

Madurai civic body begins sending notices on revised property tax

Madurai civic body begins sending notices on revised property taxMADURAI

: The

Madurai city municipal corporation

has worked out the revised property taxes for residential and commercial buildings and started sending notices from Monday onwards to the residents and traders informing about the same.

The property tax was increased by 50% for residential buildings and 100% for commercial buildings, much to the chagrin of the residents and the traders alike. The revised taxes came into effect from April 2018.

According to the officials, those who have paid the property tax for the financial year 2018-19 have to pay only the amount calculated after the tax revision. For instance, an assessee, who has already paid Rs 5,000 property tax, has to pay only Rs 2,500.

While many of the assessees have received intimation through SMS, it left them fuming. However, the civic body said that the tax revision is crucial for the local body. Explaining the importance of the tax revision, a corporation official said the cash-starved civic body is struggling to carryout developmental activities. The tax revision is crucial to ease the financial burden the civic body has been undergoing for a while. Moreover, the revision ought to have been carried out many years ago, but it is done after several years, he said.

The official said that there are a total of 3.19 lakh assessees in corporation limit. It comprises 2.80 lakh houses, 35,000 commercial buildings, 2,500 industries, 200 school buildings and 1,400 government buildings. There are three slabs of property taxes depending on the area. The slab is fixed based on the amenities provided by the corporation. After revision the tax for residential buildings, which comes under class A has been fixed at Rs 4.5 for a sqft. Similarly, it has been fixed at Rs 3 and Rs 1 respectively for residential buildings.

For commercial buildings, a revised tax of Rs 18 for every sqft has been fixed, which come under Class A. Whereas, Rs 12 and Rs 6 has been fixed for commercial buildings respectively in Class B and Class C.

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