₹62 cr collected as property tax in two months

In a significant boost to its revenue, the Chandigarh municipal corporation (MC) has collected ₹62 crore in property tax in just two-and-a-half months - from April 1 to June 20.

- Mandeep Kaur Narula

CHANDIGARH: The amount, collected from nearly 70,000 assesses, has already exceeded last year's total annual collection of ₹60 crore (including arrears) for the entire fiscal year 2024-25.

Of the ₹62 crore collected so far, ₹26.17 crore has been contributed by residential property owners and ₹35.42 crore by commercial properties. This marks a substantial increase compared to the ₹38.59 crore collected during the same period last year.

The surge in revenue is being attributed to the steep revision in property tax rates implemented this fiscal year. Residential property tax has been doubled to 6% of the Annual Rateable Value (ARV), up from the earlier 3%. Similarly, the tax rate for commercial and industrial properties has been revised to 5% of ARV from the previous 3%.