Chandigarh, June 21 -- In a significant boost to its revenue, the Chandigarh municipal corporation (MC) has collected Rs.62 crore in property tax in just two-and-a-half months - from April 1 to June 20. The amount, collected from nearly 70,000 assesses, has already exceeded last year's total annual collection of Rs.60 crore (including arrears) for the entire fiscal year 2024-25. Of the Rs.62 crore collected so far, Rs.26.17 crore has been contributed by residential property owners and Rs.35.42 crore by commercial properties. This marks a substantial increase compared to the Rs.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%. As per MC estimates, there are approximately 31,007 commercial properties in the city, which until last year generated an annual demand of Rs.36 crore. Following the revision, this figure is projected to rise to Rs.60 crore. Likewise, the 1.08 lakh residential properties, which previously contributed Rs.9 crore, are now expected to generate Rs.18 crore annually. The overall property tax revenue is thus anticipated to reach around Rs.78 crore this fiscal year - a critical revenue source for the cash-strapped civic body. "The tax revision was finalised on April 23, with 23 days already being passed from the current fiscal. Before the revision, UT administration had announced residential property tax at 9% and commercial property tax at 6%. MC had already sent bills to the people with these amounts, due to which MC collected marginally extra this year, which will be adjusted in next year's tax bills. The collection also includes arrears, said the MC officials. While premier institutions like the Post Graduate Institute of Medical Education and Research (PGI) and Panjab University (PU) have historically been among the top defaulters, both have cleared their dues for the current year. PGI has paid Rs.1.30 crore, while PU has deposited Rs.1.92 crore. However, the two institutes continue to owe the MC nearly Rs.92 crore in pending arrears. The MC has launched a crackdown on those who have not paid the tax in the rebate period, which ended on May 31. Based on its recent analysis of tax data, the civic body has issued recovery notices to 66 residential and 20 commercial property owners, in a first phase. The total outstanding amount from these 86 properties stands at Rs.4.62 crore. Among the residential defaulters are those on PU campus. The notices direct owners to clear outstanding amounts within 30 days or face stringent action, including sealing of premises....