While paying your tax you may have wondered who collects property taxes. Before answering your question we should understand why we pay taxes. We pay taxes for the infrastructure repair and maintenance of the society. The property tax varies from person to person and property is levied according to the guidelines of different states in India. Therefore the property tax also varies from state to state.
The property tax is collected by the municipality of the area we are living in. The amount differs due to location as property tax levied on us is different in different states. The tax also differed from one municipality to another due to the industrial, commercial and residential usage of the property.
How is property tax calculated?
Various civic bodies impose various rates depending on the area you are living in. The differentiation occurs due to base value, built up area , the type of the building, category and floor factor. You can easily calculate your tax by visiting your municipality website. The website will generate accurate results.
What are the different methods of calculating the tax?
Annual rent value
If you are an owner and you have rented your property you need to pay tax. But if the property is self-occupied, you don't need to pay any taxes. The gross annual amount is fixed by the municipal corporation. This type of method is used in Chennai and Hyderabad.
Capital Value System
The tax you pay is based on the market value of your property. The government of India determines the market value of property annually.
Unit area system
In some states, taxes are based on the per-unit price of carpet area or built-up area. Municipalities including New Delhi, Bangalore, and Kolkata pursue this method.
Bottom line: The property tax is collected by Municipal Authorities of the area to carry on with the developmental works and maintenance of the locality.
I hope you know who collects property taxes now.
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Authors Of The Question
Who collects property taxes?
Roohi
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2021-12-31T15:57:46+00:00 2021-12-31T16:42:39+00:00Comment
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