Chennai: The Chennai Municipal Corporation has failed to revise its property tax structure since 1998 which has resulted into massive under valuation of properties. The undervalue evaluation of properties has caused reduced revenue for the corporation which in effect resulted into less infrastructure improvements in the city.According to the numbers, more than 60 per cent property owners in Chennai having built-up area more than 10,000 square feet have undervalues their properties so that owners could reduce the property tax payments on their properties. The authority statistics show that about 4,919 structures are available in the city which has built-up area more than 10000 square feet.Corporation’s revenue department conducted a survey to inspect such structures in the city and they have managed to inspect about 2004 properties until now. This survey revealed that most of the owners of large properties have paid very less amount as a property tax, whereas they should be paying lot more than what they are paying.Corporation found more than 1200 structures having built up area more than 10000 square feet and they have paid a small amount as property tax for several years. All the structures present in the city pay their property tax according to the corporation’s valuation of 1998 instead of paying it based on the size of properties.The corporation has been the sole responsible attribute to this conundrum as it has under-assessed a majority of properties and many properties remained un-assessed. The corporation should revive the property tax system once in every five years for better revenue generations.займ на карту без отказов круглосуточновзять кредит онлайн