Calculate your new annual property tax to be paid on new calculator and find the increase at various points which you are to be fixed for due payment…
Property Tax is an amount levied on every Commercial and Residential property by the Government of India or State Government, and this tax is collected from every individual based on their slab, which thus is invested to develop the surrounding.
Every state has its separate portal for tax collection, based on which the property tax is being calculated, and the residential or commercial property under the Urban zone, rural Zone, or City area does have a huge difference in the Property Tax value.
There are factors of surrounding and the development works, which directly affect the Property tax. Thus if you’re living in a city, then it is obvious that your property will have a higher slab rate than some rural areas.
Calculate Property Tax
The calculation of Property Tax on new calculator can be easily done from the local municipality official website portal, else you can note this below formula to calculate your Property Tax, where individuals will also get the updated bill from the official, which can be used to know how and what rate has been applied to calculate your Property Tax.
Annual Property Tax = 3.5 * Plinth Area in Square Feet * Monthly Rental Value in Rs
- Here the Plinth Area is your Property Total Area including all boundaries
- Monthly Rental Value is what is fixed by your local municipality based on your surrounding growth.
- The value of property Tax will vary every year, and anyone can easily check assumed bill on new property tax calculator, and also gets their updated property Tax amount from visiting their local municipality, where you may log in to the online portal to fetch your tax bill due.
Why Pay Property Tax?
The Property Tax is a tax levied for the development of your own surrounding by the Government, thus this is a must to be paid, and anyone who is seen not paying the property tax will be under high surveillance of Local authority and will be restricted to use the water or any municipal facility, and thus it is a must to have your Property Tax dues cleared on time which in term develops your neighbor areas.
How Often does Property Tax to be paid?
Property Tax is a yearly amount that needs to be paid by every property owner, and this amount directly gets added to the local municipal account, which is used to clear dues of project and sanction works done for local citizens.
Are there benefits in Paying Property Tax?
Yes, paying Property Tax before the due date will be an extra discount applicable by your Tax notice provider, and also in time paying will save you from addiction penalty charges being laid, which becomes a large amount while trying to clear the dues.
Should I Pay Property Tax for a Vacant Property?
The Property Tax is applicable on every property, but in case if the property is not used by anyone, and then individuals can report it to local officials and ask to revise their Property Tax bill to add their name in concession, and thus based on their report on the property, the applicable discount will be added to your Property Tax amount.