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Basic value of properties fixed

TIRUCHI: The Tiruchi Corporation Council on Monday fixed the basic value of properties, the baseline for revision of property tax scheduled to come into effect from April 1, in different locations of the City.

The basic value has been fixed by demarcating four broad zones based on factors such as location, predominant usage and available infrastructure.

Accordingly, properties on main roads with all basic amenities will come under zone A and those situated close to main roads with basic amenities have been classified as zone B. Properties on cross roads close to main roads with partial amenities fall under zone C and those in backward areas (in terms of amenities) and hutment dwellings have been notified as zone D.

The basic value of the property will be the basis for computation of the revised tax taking into account the other norms issued by the Government.

The basic value of properties (per square feet) for the four zones, fixed at a special meeting of the council chaired by Mayor Sarubala R.Tondaiman, is as follows : A – Rs.1.20; B – Re.1.00; C – 0.80 paise and D – 0.70 paise.

State Government, in its guidelines for the revision, had stipulated that the hike in the tax should not be more than 25 per cent of the existing tax for residential buildings (irrespective of whether owner occupied or rented). For industrial buildings the maximum hike will be 100 per cent and for commercial buildings the ceiling is 150 per cent.

The tax revision will be done based on self-assessment returns to be submitted by property owners in the prescribed format. Discounts are to be provided based on depreciation value and nature of buildings.

Mrs.Tondaiman said the classification of the different zones have been done in consultation with the councillors.

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