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Property tax, which is charged by the local government on real estate including land owned by you. The value of property forms the basis of this tax. Many local governments calculate the property or house tax not only based on the size of the property but its location, occupancy status, covered area and quality of construction. Read more at https://www.bajajfinserv.in/pay-property-tax-online
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What is Property Tax? Property tax is also levied on real estates that include improvement made to lands like constructions or any land that is attached to a building. Owners can make property tax online payment or visit the office of their respective authority to make payment. Here’s a detailed look at things you must know about these taxes as an Indian property owner. Property tax should be paid yearly on time to time so that you should not come in the defaulter list. The amount which you pay in property tax is utilised for the improvement and betterment of the local infrastructure like maintenance of roads and schools, repairing roads, etc. The amount depends upon the area the property is located, quality of construction and occupation.
Steps to Pay Property Tax Online • Step 1 - Log in to the official website of the respective authority, i.e., a municipal corporation or a concerned local body. • Step 2 - Next, select the ‘Property Tax’ option that would direct you to make property tax online payment. • Step 3 - Now, select the correct form to pay the tax, depending on the category of your property. The use of these forms is primarily to understand whether any details of the property have changed or not over the year. Like, Form 4 is for unchanged details, and Form 5 applies if any information about the property changes as against the previous records. • Step 4 - Next, select the correct assessment year that would identify the timeline for which tax is to be estimated and paid. Most corporations also offer an option on their website to clear any property tax dues from previous years.
Steps to Pay Property Tax Online • Step 5 - Proceed to enter the identification number, personal ownership details, zone, locality, and the type of property. • Step 6 - Once all these required details are submitted, choose from the various methods like debit card, credit card, net banking, etc. to make payment. After a successful property tax online payment, you will receive a digital receipt of such payment. It is advised to print such a receipt and keep it safe for future reference. A property tax receipt can serve as an essential document when availing advanced facilities like loans against property.
Calculation of property tax Its assessment depends on the following factors – • Area • Age • Status of occupancy – Whether the property is self-occupied or the owner rents it out. • Property type – Whether it is land or commercial or residential property. • The amenities available around the property like parking space, retail store, shopping mall, rainwater harvesting, medical facilities, etc. • Construction type – Whether it is a single floor or multi-storied property. • Floor space • Carpet area
