The Coimbatore Municipal Corporation has collected a record-breaking amount of Rs 50.2 crore in property tax within the first month of the fiscal year. This success is attributed to the 5% bonus offered by the department of municipal administration and water supply, as well as weekend tax collection camps. The early tax collection will aid the implementation of budget initiatives and alleviate financial matters. The municipality expects to collect Rs 363.78 crore in property tax from approximately 551,218 residential and commercial buildings in the city.
For the first time ever, the Coimbatore Municipal Corporation was able to collect an impressive amount of Rs 50.2 crore in property tax within the first month of the fiscal year. This laudable accomplishment is attributed to the 5 percent bonus offered by the department of municipal administration and water supply. An incentive was released for individuals who remitted the initial six-month instalment prior to the end of April.
An official from the revenue department attributed the success to the incentive program. This was the first instance where corporations, other than Chennai Corporation, were given incentives, as the latter had already been receiving it for a considerable period. This month, the assortment has increased by over 100 percent. Around one-seventh of the annual property tax revenue is intended to be collected. Within a span of 11 days, a whopping amount of Rs 40 crore was generated.
This fiscal year, the municipality anticipates a revenue of 363.78 crore from the approximately 551,218 residential and commercial buildings located within the city limits.
According to the official, it is uncommon for property tax collection to experience such a significant increase, typically occurring towards the end of the year as residents are concerned about facing consequences for non-payment.
In the meantime, a top-ranking official from the corporation stated that collecting funds ahead of schedule will facilitate the implementation of initiatives outlined in the budget. In addition, settling outstanding compensations for finalized undertakings and certain ongoing ventures can aid in alleviating financial matters.
Weekend tax collection camps were also beneficial. The corporation gathered a sum of 12.57 crore in just a span of 48 hours from these initiatives. An amount of 8.42 crore was amassed on the preceding Saturday, whereas on Sunday, a sum of 4.15 crore was collected.
The central zone emerged as the top performer among the five zones, accumulating a whopping 3.87 crore over the weekend. The east zone showed the largest number with 3.31 crore, followed by the west zone at 1.79 crore, then the south zone with 1.77 crore, and finally the north zone with 1.28 crore.
The Coimbatore City Municipal Corporation (CCMC) was established in 1981 for tax collection in Coimbatore. The CCMC simplified property tax payments through an online process. Payment is due twice a year, on March 31 and September 31 to CCMC. Unpaid tax incurs a monthly charge of 1 percent. Property tax is calculated based on various factors, including property value, type, age, occupation and number of floors.
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