Coimbatore civic body expected to net Rs 124 crore more as property tax

Coimbatore civic body expected to net Rs 124 crore more as property tax
06/08/2018 , by , in News/Views

The Coimbatore civic body is expected to generate additional revenue of Rs 123.97 crore this year after the state government increased the property tax for buildings in the corporation limit.

Following the directions of the Madras high court, the state government revised the property tax and as per the government order (GO), the local bodies would be raising the property tax by up to 50% for residential buildings and up to 100% for commercial and industrial buildings.

According to this, the civic body will earn over Rs 267.08 crores from 4.98 lakh buildings – 3.17 lakh residential buildings, 1.36 lakh rented residential buildings, 36,525 commercial buildings and 8,463 industrial buildings – in the city limit, according to sources in the civic body.

The estimated revenue from property tax before tax revision for financial year 2018-19 is Rs 171.79 crore, according to the sources. The revised estimate of property tax revenue for financial year 2017-18, as of February, is Rs 111.11 crore.

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