Chennai

Prompt payment of property tax will earn incentives

With the aim of encouraging people to pay their property tax on time, the State government on Wednesday moved a Bill in the Assembly, seeking to amend legislation to incentivise timely payment of the tax.

At the same time, the Bill also seeks to levy interest on those who fail to make the payment on time.

Introduced in the House by Municipal Administration Minister S.P. Velumani, the Bill provides for the grant of incentive of 5% of the net property tax of the assessee, subject to a maximum of ₹5,000, to those who pay the tax within 15 days from the date of commencement of the half-year.

“If any amount remains unpaid after the due date, the assessee shall pay, in addition to the amount due, interest at such rate not exceeding 2%, as may be prescribed,” Mr. Velumani said. Presently, there is no provision in the Chennai City Municipal Corporation Act, 1919, to grant incentives to the assessees who pay the tax on time or impose penalties on those who don’t.

Article source: https://www.thehindu.com/news/cities/chennai/prompt-payment-of-property-tax-will-earn-incentives/article24274407.ece

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