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If you are an owner of residential or commercial property in India, then you need to pay property tax on it. The exact property tax bill is generated on factors like the size and location of the property, gender and age of the owner, among others.<br>Read more at https://www.bajajfinserv.in/property-tax<br>
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What is Property Tax? In India, a property tax bill is levied by the state government and looked after by the local civic bodies (municipalities, municipal corporations, or panchayats). It is charged on an individual’s or an entity’s possession of a property. Depending on the property’s location, this tax is collected by the governing authority of that concerned jurisdiction. If you have any residential and commercial building, then you need to make the property tax payment. The property tax payment is made to municipal authorities.
The property could either be a house, buildings (residential as well as commercial), or land. The property divisions for tax on property in India are: ● Land ● Improvement made to a land ● Personal property ● Intangible property
A property tax bill is also referred to as house tax or municipal tax. The sum collected through this tax is used for the maintenance of basic civic amenities of a particular area. This includes maintaining proper hygiene, sewage system, roads, street lights, and other infrastructural facilities. Different authorities set specific rules for property or house tax levy. For example, the New Delhi Municipal Corporation or property tax rates are finalized by the authorities from a year-to-year basis. These rates are likely to vary from one council to another, depending upon the locality, services, market value of a property, and so on.
Know Before Paying Property Tax 1. Annual market value of the property 2. Type of property (residential, non-residential, commercial, billboard, vacant plot, etc.) 3. Zonal Classification 4. Built-up area of the property 5. Property’s dimensions 6. Number of floors including basements, if any 7. Built-up area of each floor
If the offline mode seems tedious to you, you can choose to pay property or house tax online. In that case, the first step will be to check if your municipal corporation has initiated the online tax-paying facility or not as pay property tax online. If yes, this can be a far more convenient option to clear your tax dues compared to the offline mode. You can pay your property or municipal tax by directly visiting your concerned municipal office. It is the traditional way of paying municipal taxes. It would require you to fill up certain forms with proper details. Once that is done, you will need to submit it along with a cheque or demand draft to make the necessary payments.
NDMC property tax and other ones are levied to maintain the basic civil infrastructure in a city such as sewage, water, electricity and more. Usually, the property tax payment is made on a yearly basis.
Once you have all the property details available, you can proceed with the online tax payment. It would involve the following steps - ● Visit the official portal of the concerned municipal corporation (For example, you will need to log in to the official NDMC portal to pay NDMC property tax). ● Look for the tab with the option of paying property tax online. ● Enter the necessary details, as asked. ● Re-check and submit the details to proceed with the online payment. You will be shown the amount of tax due on your property before you go ahead with the payment. After that, you can easily pay the dues through online banking, credit cards, or debit cards.
