When I bought a new property a few years ago, I wasn't sure when should we pay property tax. I researched about it online and found that it depends based on your city. Some municipalities request payments to be made annually, semi-annually, or even quarterly. Read on to get more details.
How Often Do I Pay Property Taxes?
In India, property tax is a tax imposed on real estate properties, both residential and commercial. Payment of property taxes is critical for the maintenance of local municipal infrastructure and services. In general, you can pay your property tax from April of one year to March of the next.
The periodicity of property tax payments is subject to change based on local laws and regulations. In India, most cities have a deadline for paying property taxes, which is usually at the start of the fiscal year. In Mumbai, for instance, property taxes are often due between April and May.
To stay out of fines or legal repercussions, property owners must follow the timeframe established by their local municipal authorities. I hope you get an idea of the best time to pay property tax in India.
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When I bought a house, there were multiple charges that I had to pay as a house owner. While registration and stamp charges were one-time charges, the property tax is a recurring levy that I have to pay to the municipal authority every year. Let me tell you when to pay property tax in India.
When Do You Pay Property TaxesProperty tax is required to be paid annually and the quantum of the tax depends on the municipality of a particular area. The deadline to pay the property tax is set by the municipality of your area.
For instance,
Last year, the municipal corporations of Delhi had extended the last day to pay property tax by the month after complaints of glitches in the online portal. The South MCD had pushed its last date to 31-07-2021 and North MCD to 15-07-2021.
This is why you should always check the website of the municipal authority you pay property tax to. You can also reach out to the office of the municipal corporation to know when is property tax due.
Authorities across India impose penalties if you make any delay in paying property tax. Late payments can attract a fine in the form of interest on the amount due that can be up to1 % to 2% per month.
Read more:
What is property tax in India?
How to calculate property tax?
What happens if property tax is not paid in India?
Who collects property taxes?
I hope now you know when to pay property tax in India.
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Authors Of The Question
When to pay property tax in India?
Raman
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2022-01-07T17:40:23+00:00 2024-05-15T12:24:05+00:00Comment
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