The Madurai civic body has revised property tax and is informing the residents by sending them notices. The municipal corporation has revised rates for residential and commercial buildings. The traders apart from the residents are also being informed about the same by notices.
The revised property rates are bought into effect from April 2018 as the same was hiked by 50 percent for the residential structures and 100 percent for the commercial ones.
The officials said the property owners who have already paid the tax for the fiscal year 2018-19 will have to deposit the amount calculated after the revision of property tax. The official also said that the civic body is facing a cash crunch and thus it was important to revise the property tax rates.
A large number of assesses are informed about the same via SMS and the tax revision will ease the financial burden on the Madurai civic body.
According to the officials, there are 3.19 lakh assesses are there in the city out of which 2.80 lakh are residential, 35,000 commercial buildings, 2,500 industries, 200 school buildings and 1,400 government buildings. All these establishments are segregated in three slabs of property taxes according to the locality.
The civic body finalized slabs according to the facilities offered like the residential structures in Class A are supposed to pay tax fixed Rs. 4.5 sq.ft. and others buildings have to pay Rs. 3and 1 respectively.
Similarly in case of the commercial properties, the tax is revised at Rs. 18 per sq.ft. for Class A. However, it is Rs. 12 and 16 for Class B and C.