Rural Tennessee has set up changes in property tax management

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Rural areas of Tamil Nadu may witness changes in property tax system management.

As part of the change, on the basis of the experiment, 148 villages Panchayats (VPs) were identified for property assessments in response to the practice of assessing at a uniform rate, in accordance with the provisions of the pedestal area-based provisions under the Tamil Nadu Panchayats Act 1994.

In the first half of this month, the experiment was conducted in certain VPSs, and the results estimate that each Panchayat would increase by Rs 1.5 lakh annually in its revenues on average, which could be used to improve services in rural areas involved in the local area. A senior official clarified that the property tax rate has not been modified, but is trying to enforce the provisions set by the bill.

Taxation through a uniform interest rate can only be considered history, as the bill itself gives the vice president the option to continue the base or fixed interest rates that were adopted at the beginning. The practice of uniform interest rates provides a discretion for complaints regarding the improper use of field personnel in determining tax rates.

As the experimental exercise is completed, field officials are advised to prepare for demand notifications for all 150 million attributes in rural areas of the state, with the foundation as the basis. In the village, property has been divided into three – residential, commercial and industrial. Residential properties are divided into three – concrete houses, tiled houses, cottages or thatched houses.

Minimum and maximum rates

According to the latest circular from the Office of the Commissioner of Rural Development and Panchayat Raj, the minimum annual interest rate for concrete houses is Rs 0.5 per square foot and the maximum annual interest rate for concrete houses is Rs 1 per square foot, such as 250 sq ft concrete houses, with the lowest annual minimum annual interest rate for the lowest annual interest rate for the lowest annual rate for Rs 125 and the highest rate for Rs 250. Similarly, in terms of ceramic tile houses, the minimum and maximum interest rates per square foot are Rs 0.3 and Rs 0.6 per year. A 300 sq ft tile home will charge at least Rs 90 and up to Rs 180. For cottages of 20 m² and above, the rates are Rs 0.2 and Rs 0.4 per year, if the cottage size is less than 20 m², the rates are Rs 0.4 and Rs 1 per year. 500 square feet thatched houses will continue to tax rates ranging from Rs 100 to Rs 200.

The bill puts the authorities in surcharges, with commercial properties set to 20% and industrial taxes at 60%. Meanwhile, field officials were told to bring all unrated properties to the tax network. If all of their plans are achieved, officials hope to increase their income to Rs 10,000 crore through property taxes.