CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, 2nd Floor, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
Have any queries? Click here for more details
All written queries will be responded within 1 working day.
We'd love to help you through every step along the way.
Is your Credit Score >750?
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.
7th Pay Commission
A Khata Property Tax
Advance Tax Payment
Advantages Of Paying Taxes
An Analysis Of Increase In Service Tax Rates
B Khata Property Tax
Bbmp Property Tax
Benefits Of Taxes
Capital Gains Tax
Chennai Property Tax
Coimbatore Property Tax
Corporate Taxation In India
Delhi Property Tax
Exemptions Under GST
Ghaziabad Property Tax
Ghmc Property Tax
Goods And Services Taxes
Gross Salary In India
GST Advance Ruling
GST Input Credit
GST Payment Due Date
GST Penal Provisions
GST Refund Status
GST Returns Filing Due Dates
House Rent Allowance
How To Calculate Hra Exemption On Income Tax
How To Calculate Income Tax On Salary
How To Claim Income Tax Refund
How To E File Income Tax Returns
How To Track Your Income Tax Refund Status
Income From House Property And Taxes
Income Tax Credit
Income Tax Exemption
Income Tax Returns
Income Tax Slabs
Kanpur Property Tax
Kreditbee Personal Loans
New Service Tax
Penalties Under GST
Professional Taxes In India
Property Tax In Ahemdabad
Property Tax In Indore
Property Tax In Mumbai
Pune Property Tax
Road Tax Toll Tax
Road Taxes In States And Uts Of India
Section 80ccc Of The Income Tax Act
Securities Transaction Tax
Service Accounting Codes
Steps To Paying Property Tax
Tax Benefit On Stamp Duty And Registration Charges
Tax Deducted At Source
Taxes In India
The Income Tax Act
What Is A Cancelled Cheque
What Is Form 15h In Income Tax
What Is Gratuity
Withholding Tax In India
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application