Property Tax Revised
The Coimbatore Corporation on Thursday recorded a Government Order that directed local bodies to revise Property Tax with effect from April 1. The last revision (once in five years), due in 2003, had not been carried out. Along with its order dated November 12, 2007, the Government had issued a set of guidelines for the revision. There will be no revision for all categories of buildings assessed for tax after October 1, 2007. There will be a 5 per cent revision for buildings assessed from April 1 to September 30 in 2006.
5 per cent revision for buildings assessed from April 1 to September 30 in 2006
The upward revision will be 10 per cent for those assessed between April 1 2005 and March 31, 2006. The tax increase will be by 15 per cent for assessments from April 1, 2004 to March 31, 2005. And, it will be 20 per cent for assessments done between April 1, 2003 and March 31, 2004. For assessments done on or before March 31, 2003, that tax increase proposed is 25 per cent for residential buildings (whether rented out or owner occupied), 100 per cent for industrial and 150 per cent for commercial buildings.
All the rates mentioned apply for private buildings occupied by Government establishments. As for buildings belonging to Government departments, the increase will be by 50 per cent. The entire revision exercise should be completed by June 30. The Corporation has decided to keep all its tax collection counters open from 8 a.m. to 8 p.m. from Friday in order to step up the collection of taxes for the current financial year. A special drive is already on and the Corporation is disconnecting water lines to punish those not paying taxes. The counters will be open for 12 hours everyday till March 31 – the close of the financial year – to achieve maximum collection.
