Quick Way to Pay your Property tax in Chennai Online

property tax in chennai

The Greater Chennai Corporation is in charge of collecting property tax in Chennai. The property owners in Chennai are obligated to pay their annual tax to this civic body. The State Government utilizes these funds to maintain public properties and extend basic amenities. Nonetheless, paying property tax in this city has become easier with an online payment facility.

How to pay Chennai corporation property tax online?

The property tax rate in Chennai alters depending on factors like property locations, amenities, size, etc. Nevertheless, here are the steps to pay property tax Chennai online-

  1. Property owners have to visit the online portal of Chennai Municipal Corporation and choose the ‘Online Civic Services’ option.
  2. Select the ‘Online payment’ option and fill in relevant details like zone number, ward number, bill, and sub number, etc.
  3. Individuals should check their previous tax receipts before clicking the submit option.
  4. Complete the property tax online payment in Chennai through the preferred payment mode.

On successful payment, individuals will get SMS notifications on their registered mobile number. They should check the Chennai corporation property tax status after payment to avoid any discrepancies later.

It is advisable to keep a printout of this payment notification or e-mail for future needs. Technically, this property tax document will also substantiate an individual’s property ownership. Additionally, this tax document is one of the crucial documents when availing of a high-value credit like a LAP loan.

However, individuals can also opt for offline Chennai property tax payments. Here are the details –

  • They have to pay the taxes at Tax collectors, E-Seva centres, TACTC or Tamil Nadu Arasu Cable Television Corporation in Taluk offices. 
  • One can also submit a cheque or demand draft addressed to the Revenue Officer or Chennai Corporation.

Moreover, individuals must pay a property tax in Chennai on time to obtain an encumbrance certificate from the sub-register of their respective estate. 

This certificate will prove that the property does carry any legal or financial obligations. Hence, this is one of the things individuals need to know before applying for a loan against property. 

Paying property tax on time is also beneficial to uplift one’s credibility as a property loan borrower. Ideally, lending institutions scrutinize borrowers’ profiles before approving a loan application. At the same time, potential borrowers should learn how their credit score affects loan against property eligibility.

Simultaneously, borrowers should also take note of pre-approved offers extended by leading financial institutions. These offers make the loan application process hassle-free and save time. These offers are applicable on various financial products like loan against property, home loans, etc. Individuals can enter their name and contact number to check their pre-approved offers online.

Besides knowing the process of paying property tax and its significance, borrowers should know how this tax is calculated.

Calculation process of property tax in Chennai

The Greater Chennai Corporation follows the Reasonable Letting Value method to calculate the applicable property taxes. Hence, the corporation considers the following factors while calculating a property’s tax liability –

  1. Property’s age
  2. Plaint area
  3. Occupancy type (self-occupied or let out)
  4. Property usage (residential, commercial or industrial)

These parameters help one to determine the total property tax liability for residents of this city. In this regard, individuals can use a Chennai property tax online calculator to streamline this calculation process. However, certain regulations exempt the payment of property tax in Chennai. Here are the details –

  1. 20% concession on monthly RLV of semi-permanent buildings
  2. 25% exemption on residential buildings occupied by an owner
  3. 10% concession on owner-occupied commercial buildings
  4. 1% depreciation is also calculated on buildings that are more than 4 years old, which is also capped at 25%

Hence, timely payment of property tax in Chennai will help substantiate an individual’s property ownership. This will help him/her to gain access to high-value credit forms like a loan against property with ease. According to a report, the Tambaram corporation plans to integrate property tax collection and fix a uniform rate in areas brought under the new urban body in Chennai. This indicates a plausible time for property owners to pay their taxes for better savings.

Additional Read: How To Calculate Square Meter To Square Feet

Total Views: 90 ,

Leave a Reply

Your email address will not be published.

You May Also Like

  • The Best Side of bitcoin smarter

  • SEO Agency Chiang Mai Can Be Fun For Anyone

  • How to pick the best architect for your home project?

  • Singles Events Melbourne Meetups