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Corpn notifies new property tax slab rates

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Trichy: After the state government allowed urban local bodies across the state to revise property tax in July, Trichy Corporation on Friday notified the revised zone-wise tax values for new assessments.
The revision in property tax, that has come after a period of 10 years, has classified the city under three revenue zones with hikes ranging between 67% and 87% per square feet. Zone A will include properties on main roads, zone B properties near main roads and zone C properties away from main roads. Officials said that the tax value was hiked maximum for properties falling under zone C.

“Compared to other cities, the tax value revision is comparatively low in Trichy. Residents can submit their written feedback on property tax revision to the civic body either in person or through post,” an official with the revenue department said.

For zone A, new tax value has been fixed at Rs 2 per sqft, for zone B it is Rs 1.80 per sqft while for zone C it is Rs 1.50 per sqft.

In the last few years, the civic body’s expenditure, on average, has lingered around Rs 300 to Rs 340 crore per year. Property tax is the only major revenue for the civic body and was previously hiked only in 2008 but has become insufficient to cover the towering expenses particularly operation and maintenance of the civic body.

The revised property tax slab will be implemented for new assessments with effect from April 1, 2018. For the existing properties, tax value for residential buildings will be increased by 50% and for commercial establishments property tax will be hiked by 100% from the existing value, officials added.

The city’s property tax will be calculated and charged twice every year with one cycle covering from April to September and the other from October to March.


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