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Property Tax System in Developing India

Property tax in India has improved a lot in past two decades As on emergence of online tax payment facilities, you are not required to visit the office of your local municipality and bear through long queues to pay property tax. However, before opting to pay your house tax online, you need to be aware of some important details regarding your property. Property tax is levied on real estate consisting of buildings or even land attached to buildings. Read more at https://www.bajajfinserv.in/property-tax<br>

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Property Tax System in Developing India

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  1. Property Tax

  2. Introduction to House Tax Every property that you possess is an asset which is taxable. This is paid on an annual basis and to be paid by the property owner. Property tax is a tax paid on property owned by an individual or other legal entity, such as a corporation. 2

  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, this municipal tax is not levied on vacant plots that have no adjoining buildings. 3

  4. Calculate Property Tax 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. 4

  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. 5

  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. 6

  7. Want big impact? Use big image. 7

  8. Thanks! 8

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