Property tax hike reduced for rented residential buildings in Tamil Nadu

Property tax hike reduced for rented residential buildings in Tamil Nadu
27/07/2018 , by , in News/Views

Days after announcing revised property tax in urban local bodies in the state, the Tamil Nadu government on Thursday reduced tax for rented residential buildings from 100% to “not more than 50%.”

This follows request from the public, residential welfare associations and organisations to reduce the tax rate as it would lead to huge financial burden and practical difficulties.

“A revised government order is issued to reduce the tax rate from 100% to 50% in rented residential buildings in Chennai Corporation and other urban areas,” said an official release.

The municipal administration and water supply department issued an order last week, giving nod to urban local bodies — the Greater Chennai Corporation, 11 other municipal corporations, 124 municipalities and 528 town panchayats — to take up general revision of property tax with effect from current half-year that began on April 1.

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