CHENNAI: The city corporation has put on hold, with immediate effect, its property tax reassessment exercise following several petitions in recent days seeking its withdrawal.
In a statement on Thursday, the corporation said property tax would revert to the amount prevailing before the revision. For assessees who have already paid the revised demand, the amount will be adjusted against subsequent half-years as advance tax, it added.
The civic body, without increasing property tax rates, had undertaken a reassessment of properties it considered under-assessed, issuing 3.49 lakh notices with revised demands.
Corporation officials told TNIE that 28,382 assessees had already accepted the reassessment. The civic body had collected an additional Rs 11.10 crore through the exercise as of Thursday.
The Chennai corporation had undertaken the exercise amid a fund crunch, hoping to increase tax collection by correcting demands for under-assessed properties.