Chennai Property Tax: Calculation And Payment Methods
Real Estate / by RAJ YUVA / 27 views
Chennai Property Tax: Property tax in India is the amount paid by property owners to the municipal corporation of the area in which they live. It includes all real estate properties like shops, offices, factories, and residential houses. Owners of real estate in Chennai have to pay property tax on a semi-annual basis to the Greater Chennai Corporation. The GCC is divided into two semi-annual parts to calculate the total taxable revenue for a full year. The property tax rate of Chennai Corporation varies based on the property. The tax rate for residential property ranges from 0.60 to 2.40 per sq. ft. Non-residential projects, including those leased to businesses, cost between Rs 4 and Rs 12 per sq ft property-wise. Chennai Corporation assesses the property tax based on certain factors for each property. Recently it has devised a new formula to calculate this property tax.
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