The Madurai City Corporation has significantly improved its ranking in property tax collection, moving from 16th to 11th place among 20 corporations in the state during the first half of the year. Officials report that the monthly average of total tax and non-tax revenue collection has increased from '32 crore in 2022-23 to '38 crore this year, with '138 crore collected by August. Notably, '90 crores have been collected as property tax in the first five months of the financial year, surpassing the previous year's total of '156 crore. The tax incentives and collection drives have contributed to this positive trend.
In a noteworthy achievement, the Madurai City Corporation has substantially improved its ranking in property tax collection, ascending from the 16th position to the 11th position among 20 corporations in the state during the first half-yearly cycle.
City corporation officials report a significant upswing in their monthly average of total tax and non-tax revenue collection, which has surged from '32 crore in the fiscal year 2022-23 to '38 crore this year. As of August, they have successfully amassed a total of '138 crore.
An impressive '90 crores have been garnered as property tax within the first five months of this fiscal year. To put this into perspective, the total property tax collection for the entire 2022-23 financial year amounted to '156 crore.
With more than half of the property tax already collected within the first half of the financial year, the corporation is brimming with confidence that the overall collection figures will surpass previous records.
One contributing factor to this stellar performance has been the tax incentives introduced by the state government for those who promptly settle their property tax dues before April 30. These incentives have bolstered the corporation's coffers, helping them secure around 35% of their total dues for the first half-yearly tax cycle. In April alone, the corporation managed to collect approximately ?18 crore out of the approximately ?50 crore in total dues. Ordinarily, the first month sees only 10%-15% of dues collected, according to officials.
During the 2022-23 financial year, Madurai City Corporation had successfully collected almost 77% of property tax, securing them the 16th position in the overall state ranking. Revenue officials are confidently predicting that the corporation will surpass the 85% mark in property tax collection this year.
Commissioner of the corporation, K. J. Praveen Kumar, attributes this remarkable improvement to several key strategies and initiatives. These include intensive collection drives, special efforts to recover arrears, identification and targeting of the top defaulters in each zone with strict actions taken against them, correction of erroneous tax records, and the introduction of a recent 5% incentive for early taxpayers. These concerted efforts have propelled the civic body up five places in the overall property tax collection rankings.
In terms of collection distribution, the central zone leads the pack in tax collection performance, while the west zone lags behind. Consequently, the corporation has launched special initiatives aimed at increasing the number of tax assesses in both the west and east zones. These efforts are particularly pertinent as many new buildings have been constructed in these expanded areas, prompting the need for more robust tax assessment processes.
Madurai City Corporation's impressive leap in property tax collection underscores the effectiveness of their strategic initiatives and the positive impact of state government incentives. It also serves as a testament to the city's commitment to improving its financial health and ensuring the delivery of essential services to its residents.
This remarkable achievement bodes well for the continued development and growth of Madurai, as increased revenue collection enables the corporation to invest in essential infrastructure projects and provide a higher quality of life for its citizens.
In summary, the Madurai City Corporation has significantly improved its ranking in property tax collection, moving from 16th to 11th place among 20 corporations in the state during the first half of the year. Officials report that the monthly average of total tax and non-tax revenue collection has increased from '32 crore in 2022-23 to '38 crore this year, with '138 crore collected by August. Notably, '90 crores have been collected as property tax in the first five months of the financial year, surpassing the previous year's total of '156 crore. The tax incentives and collection drives have contributed to this positive trend.
Advertisement
Facebook
Whatsapp
