In a New Year bonanza for property owners, the Tambaram City Municipal Corporation (TCMC) has reduced the charges for name changes in property tax records and introduced a uniform fee structure effective from January. Previously, charges were calculated based on the market value of the property, often leading to residents paying between ?15,000 and ?40,000, depending on the property size and value.

Now, a fixed fee of ?500 will be applied for residential properties, while non-residential or commercial properties will incur a charge of ?1,000. This new policy mirrors the Greater Chennai Corporation’s (GCC) system, which charges ?500 for property name transfers, and is expected to significantly lower costs for those buying property within the corporation limits.

The revision follows a government order and is in line with the revised Tamil Nadu Urban Local Bodies rules, which standardize the property tax name transfer fees across the state. This uniform fee structure is set to be implemented statewide starting in January.

The move has been welcomed by local residents, who had previously faced high fees based on property values. With the new fixed-rate system, property owners can expect more predictable and affordable costs for name transfers.

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