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In India, tax acts as a main source for local governments, usually used to finance public services such as schools, police and fire departments, road maintenance and other community services.
This tax usually applies to real estate such as land and buildings. But there are some areas where property taxes are levied on movable properties like vehicles and industrial machinery.
It is an important component of fiscal autonomy of local municipal bodies, allowing them to rule with financial freedom and skill. This tax plays an essential role in urban planning and development.
The documents required to pay property tax in the country include a document tax bill, a document that proves ownership, a unique identity number, identity evidence and address evidence assigned to your property. A person can pay online property tax by entering the official portal of the municipal corporation of his area.
Various ways to calculate property tax:
Capital Price System (CVS) –
Under this method, property tax is calculated as a percentage of market value of property. The government determines this market value based on the location of a certain property. This evaluation system is modified and published every year and is used in many Tier-I cities like Mumbai.
Annual rental price system – According to this system, tax is calculated based on the rental value of special property. It is based on the location, size and position of the property. It also considers the reach of the property and other important characteristics. This system is used to calculate property taxes in some areas of Chennai and Hyderabad.
Unit area price system – This method calculates taxes based on a copy price and constructed area of ​​a property. The price is determined by the estimated return of the property based on its use, location and land value. This value is then multiplied by the manufactured area, which provides final tax evaluation.
Many municipal officials use this strategy, including Delhi, Hyderabad, Bengaluru, Patna and Kolkata.
Property Tax Count:
Property Tax = Base Value X Construction X Age Factor X Floor Factor X Using X built-up area
Various corporations use different methods to calculate property tax; However, the overall strategy is often consistent.
Property Tax (T) Ways to Calculate Property Tax:
