How is Property Tax calculated?
Posted on: 29/Aug/2017 9:58:28 AM
When an individual buys a property, he/she has to pay the registration fee and the required stamp charges. Subsequently, he/she needs to pay the Property Tax every year. The Property Tax collected by the state government as revenue is mainly used for the society’s welfare factors, such as health, cleanliness, insect/mosquito control, etc.
In case an individual fails to pay the Property Tax on time, legal action will be initiated by sending a notice. Further, the government will some essential services such as water connection.
The factors to be taken into consideration for calculation of Property Tax
The amount of Property Tax is fixed on the basis of the city corporation administration.
Other factors
- The location and dimensions of the property.
- The amount will also depend on the factor whether the property is good for residing straightaway or under construction.
- The gender of the property owner – If the property owner is a female, some special concessions are given.
- Senior citizens as property owners will get some discounts/concession as applicable.
- The city corporation administration will decide the concessions for the property tax.
Calculation of Property Tax
The property tax is based on the latest survey and estimation done on the value of the property site by the higher officials of the Property tax Department. In case of any issues/problems, the receipt for having paid the Property tax will come in handy and helpful. This would also help decide who is the real owner of the property.
This receipt also will be helpful in case the owner is planning to avail a property loan. Properties which are exempted from the payment of Property Tax. The vacant plots which are meant for conducting prayers, Foreign Embassies locations, and government institution need not pay Property Tax.
