Property Tax Guide_ Importance, Calculation and Online Payment _ Housing News housing benefit number wirral

When you buy a home, there are several taxes that the purchaser has to pay. While stamp duty and registration are one-time charges, the property tax is a recurring charge that the owner has to pay every year.

The owner of a property is liable to pay the tax levied by the local body (for example, the municipality) and such a tax is called the property tax. This tax may vary from one location to another and there are various other factors that determine the amount of property tax payable, such as:

The local municipal body provides certain important services, like cleanliness in the area, water supply, maintenance of local roads, drainage and other civic facilities. Property tax allows the municipal bodies to get revenue, for funding all the services that it provides.

It is one of the major sources of revenue for municipal bodies.Housing benefit number wirral if you do not pay property tax, then, the municipal body can refuse to provide the water connection or other services and it may also initiate legal action, to recover the due amount.

Property tax is calculated, according to the recent property valuation conducted by the municipal body. Only the owner of the property is liable for paying the property tax. Hence, if you are a tenant, you need not be concerned about it.

In case of a property dispute, the property tax receipt plays a crucial role, to prove ownership of property. Consequently, when you buy a property, the title of the property should be updated in the municipal records. However, until all the outstanding arrears are cleared, the name cannot be transferred to the new buyers. If the record is not updated in the municipal records, then, the name of the previous owner will continue to show in the tax receipt.Housing benefit number wirral

While getting the property registered in your name at the local municipal records, you may be asked to provide documents to prove the ownership of the property. The list of documents that you may need to include, to get the property name updated, are the sale deed copy, clearance from the society, duly filled application, photo and address proof, copy of receipt of the last paid property tax, etc. A property tax receipt is also a key document, for availing of loans, such as a loan against property.

Hence, you must make the property tax payments on time and keep your records updated, at the local municipal bodies. Certain establishments, such as places of worship, government buildings, foreign embassies, etc., are usually exempted from the property tax. Clean land is also exempted from property tax charges.

The PMC offers an online property tax calculator, in which you can enter the following details and ascertain the amount of tax you need to pay on your property: location, area, usage, type, total plinth area, construction year.Housing benefit number wirral

(G = gross unit area value; X = tenanted area of property x per sq ft rate of property x 10 months; Y = self-occupied area of property x per sq ft rate of property x 10 months; Z = vehicle parking area x per sq ft rate of vehicle parking area x 10 months; H = percentage of depreciation rate, which depends upon the age of the property) property tax in mumbai

The greater chennai corporation (GCC) adopts the system of reasonable letting value (RLV), for calculating the annual rental value of a property. The GCC takes the following factors into consideration, while assessing property tax:

Annual property tax = plinth area x monthly rental value per sq ft x 12 x (0.17 – 0.30) depending on MRV and based on slab rate of taxation – 10 per cent depreciation + 8 per cent library cess property tax in kolkata

In march 2017, the new unit area assessment (UAA) system for property tax calculation, was passed in the kolkata municipal corporation (KMC).Housing benefit number wirral the property tax calculation utilises the concept of multiplicative factors (mfs), to account for the many critical differences in houses within the same block.

The tax payable on properties in gurugram is based on two factors – area and use (residential/non-commercial and commercial). The best way to make your property tax payment is online, on the municipal corporation of gurugram (MCG) website. When you enter your unique property ID number or your name and address, you will be shown the amount that you need to pay.