Undoubtedly, Municipal property tax payment can be a hassle at times. A property tax or millage rate is an ad valorem tax on the value of a property which is usually levied on real estate. To put in simple words, the tax is imposed by the local administrator in which the property is placed. The most important part is, know your property tax dues and pay on time.
In this blog we in particular, aim to keep you informed about all you need to know about property tax and how to pay tax online.
Municipal Property Tax: Why Do You Need to Pay?
As a matter of fact the property tax adds to the municipal funds. Most importantly, sweeping of the roads or maintenance of the sewage system of the area all are done from the taxes you paid. There’s also a penalty for late payment or default. Moreover, the payment of property tax results in the low administrative costs in comparison to other taxes. The paperwork of property tax is charged lower.
Municipal Property Tax: Why Do You Need to Pay on Time?
- In the first place, non-payment can lead to a penalty and legal problems
- In addition, non-payment of property tax can become a problem if you plan to sell your house in the future
- Payment on/before time gives discount
- Get in line for income tax benefits
- Easy payment process
- Fulfilment of tax obligations
Who Needs to Pay Property Taxes?
Undeniably, anyone who owns a property like an apartment, commercial space or land needs to pay property taxes. Most importantly, payment of property taxes on time also assures basic civil facilities that are available in and around the property.
Who are Exempted from Property Tax Payment?
To put in simple words, people who exempted from it include those with agricultural lands and properties used for worship. Important to note that there is also a rebate for property owners namely, senior citizens, women, disabled or ex-serviceman, and others.
Municipal Property Tax: Factors on Which It Depend
- Locality
- Size
- Type
- Age of the property
- Its usage
- The covered area
- Owner profile
In brief, it is usually calculated as a percentage of the annual rental value, capital value, or unit area value of the property. Furthermore, the tax rate may even vary within the same city if there are different municipal authorities.
How to Pay Property Taxes Offline?
In a word, property taxes need to be paid annually or quarterly depending on the municipal authority. Generally speaking, you can pay your property tax in-person at the respective municipal office of your area or at the designated bank branches.
Municipal Property Tax Online
As a matter of fact, the internet has changed how the world functions today. Definitely, it has opened new doors and simplified lives. Paying property tax was a hassle in the earlier days. However, we could say goodbye to those days. Thanks to the option of paying property tax online. To make things convenient for you, there are many municipal corporations in India that allow paying property tax online. Most importantly, you may pay your property tax any time from any place. To put in simple words, you can now make the payment online through website of the municipal authority. In order to pay, you need to provide the Assessee No and bank details. Subsequently, you need to only select from easy payment options and continue.
Advantages of Online Tax Payment
- Firstly, online payment of property taxes ensures hassle-free tax payment
- It is faster and more efficient
- Besides, you can pay your taxes on time without leaving home
- Furthermore, you don’t have to get in line at banks or municipality offices
Municipal Property Tax Online by Following These Steps
- Log in to the official website of the municipality
- Subsequently, select the tab for property tax and navigate to the payment choice
- Then, choose the right form considering the category under which an individual’s property falls
- Choose the assessment year
- You need to put the Assessee No
- Once all relevant information has been entered, pick the mode of payment (credit/debit cards or internet banking)
- Finally, once payment is done; take a printout of the challan for reference
Things to Remember
In particular, avoid using third-party sites since it increases the chance of fraud. To put in simple words, it is better to use the authorised site to pay your taxes especially when you are putting in sensitive data.
Conclusion
Indeed, it is important to pay property tax on time. Therefore, we have created this detailed article so that you can do it from the comfort of your home.
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