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Detail Guide about Property Tax

Property tax is a mandatory annual tax paid by a land-owner to the government-mandated local body or the Municipal Corporation.

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Detail Guide about Property Tax

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  1. Detail Guide about Property Tax

  2. Introduction to Property Tax Property tax is a mandatory annual tax paid by a land-owner to the government-mandated local body or the Municipal Corporation. It is based on the total value of the property. The rate of this tax as well as the manner of valuation usually varies between municipal authorities across the country.

  3. What is Property Tax? These taxes are collected on all tangible real estate properties, including – Residential and commercial buildings. Attached lands. Rented houses. However, propertytax is not levied on vacant plots that have no adjoining buildings. Basically, property tax are charges collected on land by legislatures, normally on the state, region and country levels.

  4. Calculate Property Tax The taxable amount is calculated by municipal authorities based on the assessed value of a particular property. There are primarily 3 methods that are used to calculate these taxes. Unit Area Value System - Unit Area Value System, or UAS, is calculated based on per-unit price of the built-up area of a particular property. Rateable Value System - Rateable Value System or RVS calculates property tax based on the annual rental value of a particular property. Capital Value System - Capital Value System is calculated based on the total market value of a property.

  5. How to Pay Municipal Tax Online? • Step 1 – Visit the official website of your municipal corporation. • Step 2 – Navigate to the page where you will be able to file your property tax. • Step 3 – Enter your property details, as well as other necessary information on that page as you fill-up the form. • Step 4 – Enter any additional information that the website may ask for. This can include ownership details, building type, occupancy details, floor and total area, age, exemption category, etc. • Step 5 – Once all these details are submitted, you will be asked to confirm the information and proceed with the payment of your municipal tax. Carefully go through all the given information, and ensure that the details are correct. Once confirmed, click “Submit.”

  6. You can also choose offline payment method to pay the due amount. In this case, you have to download the payment challan and pay the tax within the due date as printed on it.

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