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When you own a building, flat, shop, or any other property in India, you have to pay a tax called the property tax. Property tax is an annual amount that is paid by the landowner to the municipal corporation or the local government for his/her area. Property tax is charged on all kinds of tangible real estate assets, whether residential, commercial, self-owned, or rented out. A property tax can be paid both online and offline.
About property tax
A property tax is an annual charge levied by the government from the property owners of different properties, such as residential properties and office premises, which is either self-owned or rented out to other people. It is collected by the government to finance developmental and infrastructural activities, such as roads, highways, security, sanitation, etc.
Properties are categorized to help the government to estimate taxes easily. This classification is based on specific criteria. Property in India has been divided into 4 types as follows:
A property tax varies across the different states, cities, and countries. Different tax collecting bodies have different ways to compute the property tax. The formula to calculate property tax is as follows:
Property tax = Base value * built-up area * age of the property * type of property/building * category of usage * floor factor
Factors such as the base value of the land, occupancy factors whether self-owned or rented, property type whether residential or commercial, the age of the property, the year of construction, construction type whether multi-floored or single floor. Property tax is calculated through the following methods:
The amount of tax payable in the country depends on where the property is situated since taxes vary across states. Civic corporations use different methodologies to evaluate the tax. The basic method is however the same.
Step 1: Visit the official website of your municipality
Step 2: Select the property tax option
Step 3: Enter your property tax number
Step 4: Verify details of the property
Step 5: Select the payment method
Step 6: Receive the challan.
For paying the property tax offline, you are required to visit the office of the municipal corporation of the city. Apart from this, one can pay a property tax in the designated bank branches of the city. You can pay property tax offline using cash or cards.
Late payments made towards property tax results in a penalty that is equal to a specific percentage of the amount due. This interest varies from state to state with some states choosing to remove the interest and others charging rates from 5% to 20% depending on their individual policies.
For Example, Some states waived off the penalties while in Bangalore, interest rates were reduced from 20% to 10% to get more people to pay their dues.
Deductions from Income from house property as mentioned under Section 24 is applicable in the following scenarios:
If you own a property in India, then you will be eligible for the following deductions under Section 24
Section 24 gives the following exemptions:
Property tax in India is levied on "real property," which encompasses land and improvements on it. The government values each property and charges the tax in proportion to its monetary value. The municipality of that particular area is responsible for this assessment and determines the property tax, which in turn can be paid annually or semi-annually. The revenue obtained from this tax is used to improve local facilities, such as road repairs, park and school maintenance, and so on. Property taxes vary from one location to the next, and also between cities and municipalities.
Paying property tax aids the local municipalities to perform certain essential activities, such as cleanliness in the area, water supply, maintenance of local roads, drainage, and other civic facilities. Property tax enables the municipal bodies to obtain cash for financing all the services that it provides.
1. How is property tax calculated?
Property taxes are computed by multiplying the tax rate by the estimated value of the owner’s property. The assessed value estimates the reasonable market price for your house. It is based upon current local real estate market conditions.
2. How can you lower the property tax rates?
3. Are property taxes paid monthly?
Property taxes are paid twice a year or biannually. They are not paid monthly.
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