The Trichy Corporation of the Tamil Nadu state revised zone-wise tax for new assessments. The step was taken after the State Government allowed all local urban bodies in its boundary to revise their property tax slabs.
This revision in the property tax slab took place after a decade i.e. 10 years and has segregated the city into three revenue zones along with increase between 67% and 87% per square feet. All properties on the main road will fall under Zone A, properties near to the main road will fall under zone B and the properties away from the main road will fall under zone C.
According to an official of the corporation, the tax revision in the city is very less in comparison to other cities of Tamil Nadu state. Also, the residents have the option to submit their written feedback on the latest property tax revision to the corporation. This feedback can be submitted either in person or by post.
The tax value has been fixed at Rs. 2 per Sq.ft. for Zone A, Rs. 1.80 per Sq.ft. for Zone B and Rs. 1.50 per Sq.ft. for Zone C. In past, the civic body expenditure increased steadily on an average from Rs 300 to Rs 340 crore per year. Property tax is the major revenue for the corporation and they increased the tax slab in 2008 and still remained insufficient to deal with towering expenses specifically the operation and maintenance of the civic body.
The new property tax slabs will be implemented in the city with effect from April 1, 2018. The tax proportion for the current residential properties will increase by 50% and the commercial properties will have an increase by 100% from the current property tax slab, an official said.
The property tax in the city will be calculated and charged twice a year in which one billing cycle will be from April to September and the final one will be from October to March.