CHENNAI: Chennai Corporation has collected Rs 2,218 in property and professional taxes for the financial year 2023-24, and also surpassed its target and last year’s collection. Out of the revenue collected, Rs 1,642 crore was as property tax and Rs 567 crore as professional tax.
The corporation generates around 51% of its revenue from the property and professional taxes. The revised estimate for tax collection for the previous financial year was Rs 2,180 crore (Rs 1,680 crore property tax and Rs 500 crore professional tax).
Among zones, Teynamapet topped in tax collection with Rs 327 crore property tax and Rs 113 crore professional tax. Royapuram generated Rs 215 crore property tax and Adyar generated Rs 96 crore in professional tax. Property tax collection increased by Rs 86 crore (Rs 1,556 crore in 2022-23), while professional tax collection increased by Rs 38 crore (Rs 529 crore in 2022-23). The corporation has set a target of Rs 1,750 crore as property tax and Rs 550 crores as professional tax for the financial year 2024-25.
According to sources, the corporation has also collected Rs 250 crore as tax arrears from defaulters. “Tax collection is much better than the previous financial year. Tax arrear collection is still ongoing and we are hopeful of completing tax arrears in a few months,” a senior corporation official said.