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Trichy Corporation collected 32% of total dues for the first half-yearly tax cycle due to the state government's incentive for those who paid their property taxes on time. Officials reported a sum of Rs 18 crore collected in April alone. Despite the delayed announcement, the municipality observed an increase in tax revenue after offering a 5% discount. Educational institutions and commercial properties are paying their taxes ahead of schedule to receive deductions. The accumulated amount of property tax is utilized to support public services within the city.
The Trichy Corporation was able to collect 32% of its total dues for the first half-yearly tax cycle, thanks to the state government's incentive for those who pay their current property tax dues by April 30. The corporation achieved an exceptional feat by collecting a sum of Rs 18 crore solely in the month of April, which represents a significant portion of the total dues of Rs 55 crore for the period spanning April to September 2023. Officials reported that the usual amount of property tax collected in April is approximately Rs 5 crore.
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The municipal authority observed a notable increase, over three times the usual amount, in tax revenues after offering a 5% discount, capped at Rs 5,000, on total dues to landowners who paid their taxes in advance of the April 30 due date. Despite the delayed announcement in accordance with the Tamil Nadu Urban Local Bodies Act 1998, government officials reported a high volume of individuals lining up in the last week of April to settle their payments and receive the proposed benefits.
According to sources, the amount amassed would have been even greater if the government had conveyed the incentive news earlier in April. Inquiring about whether the incentive would impact the overall tax revenue of the local entity, authorities noted that majority of property taxes gathered are set to be placed in banks with the most favourable interest rates. The incentive provided can be offset by the interest earned from a sizable deposit. Individuals were paying a sum of Rs 50 to Rs 60 lakh per area on a daily basis. A revenue officer from Trichy Corporation stated that they have invited the locals to take advantage of the deal.
Although the opportunity to obtain incentives for the first six months of the tax cycle has expired, authorities have assured that it is still obtainable if individuals make their tax payments for the latter half of the cycle, spanning from October 2023 to March 2024. In order to receive deductions, educational institutions and commercial properties are opting to pay their second half-yearly taxes ahead of schedule. According to the official, it is possible that the choice will remain open until October 31, 2023.
The city's municipality was elevated to the status of a Municipal Corporation on June 1st, 1994. The accumulated amount of property tax is utilized to support the upkeep of public services within the city. The property tax assessment and collection procedures have been made transparent and straightforward by the Municipal Corporation. Property tax calculation takes into account factors such as the land’s base value, whether the property is self-owned or rented, whether it is residential or commercial, the age of the property, and the type of construction.
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