Once these parameters are determined the civic agency can use a formula it deems fit to calculate tax. Different civic corporations use different methods to calculate tax, but the general overview of such calculations remains the same and is explained below.ДЄn assessment of the property is first carried out by determining the area it is in, occupancy status (whether it is self-occupied or rented out), type of property (residential, commercial or land), amenities provided (car park, rainwater harvesting, store, etc.), year of construction, type of construction (multi-storied/ single floor/ pukka or kutcha structure, etc.), Floor space index and carpeted square area of the property. Property tax in India depends on the location of a property in question, with taxes varying from state to state. Property tax = base value Г— built-up area Г— Age factor Г— type of building Г— category of use Г— floor factor. The formula used for calculating property tax is given below: Note:These are the basic steps involved in paying property tax online and could vary depending on the city/town corporation. Step - 7: Once payment is made individuals can take a printout of the challan for their reference.Step - 6: Once all relevant information has been entered, individuals can choose the mode of payment, which could be credit/debit cards or internet banking.

Step - 5: Individuals will then be required to fill in their property identification number and any other relevant document pertaining to their property (zone under which it falls, property type, etc.) including the ownerвЂ™s name.Most corporations provide an option to clear backlogs in property tax payment. This is the year for which property tax needs to be calculated and paid. These forms are used to determine if any changes have been made to a property in question. Step - 3: Choose the right form (either 4 or 5), based on the category under which an individualвЂ™s property falls.Step - 2: Choose the tab indicating property tax and navigate to the payment option.Step - 1: Log in to the official website of their municipality/city corporation.Most municipal corporations provide the option of paying property tax online, streamlining the process and saving valuable time. Paying property tax was considered a huge hassle in the past, but those days are long gone, thanks to the option of paying property tax online. The internet has made a huge impact on how the world functions, opening new doors and simplifying lives. Property taxes range from one location to the next, as well as between cities and municipalities. This tax revenue is utilized to improve local amenities such as road repairs, park and school maintenance, and so on. The municipality of a certain area is responsible for this assessment and determining the property tax, which can be paid annually or semi-annually. In India, property tax is levied on 'real property,' which includes land and improvements on it, with the government valuing each property and charging the tax in proportion to its monetary value. Personal property вЂ“ This includes movable man-made objects like cranes, cars or buses.Improvements made to land - this includes immovable manmade creations like buildings and godowns.Land вЂ“ in its most basic form, without any construction or improvement.The different property divisions in the country are mentioned below. Property in India is classified into four categories, which help the government estimate tax based on certain criteria.

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