Chennai’s property tax collection records impressive growth in FY 2023-24

The Greater Chennai Corporation (GCC) has recently announced a remarkable surge in property tax collection for the first half of the current fiscal year, setting new records and showcasing the city’s commitment to revenue mobilisation. From April to September 2023, the GCC successfully collected an impressive Rs 769.01 crore in property tax, marking a substantial increase compared to the previous financial year. Zone-wise Analysis: Teynampet (Zone 9) emerged as the top contributor, with property owners contributing a substantial Rs 144.45 crore in the last six months. This zone’s substantial contribution underscores its economic significance within the city. Royapuram zone followed closely behind, adding Rs 97.41 crore to the city’s tax revenue. This indicates the diverse economic activity within different zones of Chennai. However, Manali zone and Tiruvottiyur zone recorded lower collections, with property owners contributing Rs 12 crore and Rs 10 crore, respectively. This contrast highlights the need for potential growth and development in these areas. Record-Breaking Single-Day Collection: The highlight of this fiscal year was the extraordinary single-day collection of over Rs 40 crores in property tax on September 30. Impressive Professional Tax Collection: In addition to property tax, the GCC also reported an impressive collection of Rs 257 crore in professional tax during the first half of the fiscal year. This not only surpasses the previous year’s collection but also showcases the growing economic activity and employment opportunities in Chennai.