Prestige Highline - A Complete Guide To Pay Property Tax

1. Every house owner has to pay property tax every year. The tax amount depends on the location of the property. location to another. The owners of any residential property in Chennai have to pay the property tax to Greater Chennai Corporation (GCC). Here we will be discussing a few facts which will guide you in paying your property tax in Chennai. Now let talk about the new project coming at Chennai like ​Prestige Highline​, what tax need to pay for this property. Tax amount varies from one Property Tax Chennai

2. Prestige Highline - Lets First Know About The Factors Affecting The Property Tax! of using the latest developments in the field of web and information technology to pay the tax. The taxpayers can choose between online and offline mode of payment. Here are some factors that affect the property tax: ● The total built-up area of the property like square feet area, corridors, lobby and stairs etc. ● The rate of the location ● What type of occupancy ● The usage of the property ● Time of the construction of the property The Corporation of Chennai provides its citizens with the facility

3. Prestige Highline | Property Tax

4. Calculate The Tax - Prestige Highline You can calculate the tax by either using the online tax calculator or manual calculation. In case of online tax calculation, you can use the property calculator which is available on the website of the Corporation of Chennai. If you face any trouble you can 044-25383614/25384510 & extension number- #381. While calculating manually monthly rental value is estimated first by using the plinth area and standard rental value in the specific locality. You can determine the annual value by multiplying the monthly value with the common factor 10.92. After this half-yearly tax is calculated which is 6.62 %, 9.92 %, 11.02% and 12.40% of the annual value of Rs.1.00 - 500, Rs.501 -1000, Rs.1001 -5000 and Rs.5001 or above respectively! ​For example, ​Prestige Highline property is located at Pallavaram where the basic rate is Rs.7.5 per sq ft. as the details of Prestige Highline Chennai is not been disclosed yet, let's assume the plinth area is 500 sq ft. So the monthly rental value is = 500 Sq.Ft × Rs.7.5 per Sq.Ft = Rs. 3750. Owner Occupation Discount of 25% = Rs.937.50 Monthly Value after Discount = Rs.2813.50 Age Depreciation 10% (1% for each year) = Rs 281.35 So the monthly value = Rs.2532.15 Annual value= 2532.15 × 10.92= Rs. 27651 Half yearly tax = 27651 ×11.02%= Rs. 3047. So the half-yearly tax for the Prestige Highline Residential Apartment is Rs. 3047. the on contact Revenue-officer

5. Where To Pay The Tax? You can either pay online or you can pay by visiting the respective zonal office, the office of the revenue officer or you can drop a check at banks. When Should You Pay The Property Tax? The collection of the property tax is done on half yearly basis. The last dates for payment are 31st March and 31st September each year. If you pay after the deadline you have to pay an additional charge and that is 1% /month of the outstanding amount.

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