My friend recently bought a house and she knew that she had to pay property tax on her property but she did not know what is property tax in India and how it is calculated so I helped her with that. So, I think I will be able to answer your query too.
Let me tell you that the property tax is the annual amount that the land/property owner pays to the municipal corporation or local government of your area. The property includes every tangible real estate property, his office building, house, and the property rented to others.
What is the Property Tax in IndiaCheck out the formula used to calculate property tax:
Property tax = Age factor x category of use x floor factor x Built-up area x base value x type of building.
I want you to know that the property tax in India depends on the property’s location, with taxes varying from location to location. Different civic corporations use different methods for the calculation of tax. However, the general way to calculate the tax is given below:
The property assessment is done by determining the locality it is in, carpeted square area and floor space index of the property, type of construction (kutcha or pucca structure/single floor/multi-storied, etc.), amenities offered (rainwater harvesting, car park, store, etc.), year of construction, type of property (commercial, residential, or land), and occupancy status (whether it is rented out or self-occupied)
After determining these parameters, the civic agency uses a formula it finds suitable for calculating tax. I want to tell you that different agencies use different formulas.
The property tax varies as per the factors specified above and can be easily computed online, through the concerned municipal corporation’s official website.
Read more:
How to calculate property tax?
How to pay property tax online in Chennai?
How to pay BBMP property tax online?
How to pay property tax online in Delhi?
I hope I cleared your doubts on what is property tax in India.
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Authors Of The Question
What is property tax in India?
Kriman
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3 Year
2021-10-29T16:12:02+00:00 2021-10-29T18:38:19+00:00Comment
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