Assesement Began
Coimbatore Corporation officials carrying out assessment of Property Tax in the cityon Monday. The Coimbatore Corporation began on Monday the process of measuring over two-lakh buildings in the city for calculating Property Tax. The tax is being worked out on the basis of new rates approved last month by the Corporation Council. For all buildings constructed between April 1, 2006 and September 30, 2007, the tax has been increased by 5 per cent. There is a 10 per cent increase for those built from April 1, 2003 to March 31, 2006. The following rates apply to buildings constructed before March 31, 2003: residential – 20 per cent, industrial – 50 per cent and commercial – 75 per cent. While the Corporation staff measured the buildings, pamphlets containing the new rates and other details of taxation were also distributed among the public. Corporation Commissioner V.K. Shanmugham called upon owners of all buildings to cooperate with the civic body in the tax assessment exercise.
The Corporation wanted people to understand that it could provide them with better services, including basic amenities, with the revenue got in the form of taxes. Verification of the blue print of the building plan was done even as fresh measurement was taken. The new tax was calculated on the spot and given to the owners. This process was expected to be completed in a month. The Corporation decided to go in for 100 per cent verification and re-assessment because a number of additional structures had escaped assessment. This had left a substantial revenue source untapped.
