After buying a house in Mumbai last year, I learned that I have to pay my property tax to Municipal Corporation of Greater Mumbai (MCGM). I asked my neighbour how is property tax calculated in Mumbai as I didn't know how they were determined. He informed me that the market or yearly capital value of the property is the basis on which MCGM usually determines property tax. Moreover, he shared the formula along with online steps to calculate the MCGM property tax.
How to Calculate Property Tax in Mumbai?
My neighbour informed me that the location, type, and amenities offered by the property, as well as its age of construction, carpet area, Floor Space Index (FSI), and other factors, all affect the MCGM property tax calculation. The formula he shared with me to calculate the MCGM property tax is as follows:
Property tax = Tax rate x Capital value[Capital value = Market value of the property x Total carpet area x Weight for construction type x Weight for the age of the building.]
He also said that I can follow the below method to calculate my property tax online easily:
Visit the
MCGM Tax Portal,
Scroll down and tap on Skip.
Following that, click on OK.
Now, tap the link available under the Tax Calculator section.
Choose your ward, zone, sub zone, occupancy type, floor, main category and so on.
Mention all the required details.
Finally, click on the “Calculate” button. You will receive your property tax details.
My neighbour also suggested me to use NoBroker to pay my MCGM property tax. I hope this answer helps you.
Pay Your Property Tax Securely and Earn Cashback via NoBroker Bill Payment. Read more -How is property tax calculated in Thane?
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Authors Of The Question
How is Property Tax Calculated in Mumbai?
Zitien
146 Views
1 Answers
7 months
2024-04-29T08:08:40+00:00 2024-04-29T15:39:21+00:00Comment
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