Owning your dream home is the fulfilment of your dreams and your family's aspirations. While this is true, one must also consider India's extensive need for financial planning and paperwork. Buying a property involves thoroughly verifying all the legal titles, permits and plans, bank NOCs etc. Once you have bought the apartment, flat or plot, certain actions need to be taken to transfer the ownership in your name and secure it legally. The registration process and payment of the stamp duty are some of the more important aspects you should know about. This, however, is not the end of your responsibilities. The local municipal corporation where your property is located levies a property tax payable each year. Let us understand more about this.
Property tax is a form of tax that is commonly levied on tangible assets like land, flats, apartments, buildings etc. It is imposed by the local municipal authority. Apart from residential real estate, property tax is also imposed on commercial property, warehouses, land, office buildings etc. In general, property tax is to be paid if you own land or any improvements made to land like a building.
Property tax is imposed by the municipal government. The total revenue collected by the municipal authority through property taxes goes back into improving the infrastructure and facilities of the area. This could include improving water and drainage facilities, repairing roads, and maintaining parks.
The municipal government undertakes the property tax assessment. This is based on the monetary value of your property. It can be paid once or twice a year, i.e., once a year or once in six months. In some cities, the municipal corporation informs the property owner through a letter or email about the calculated tax value. In contrast, in others, the assessed tax value is put up online, and you can check by entering your address on the site. In addition, the local body may undertake reassessment from time to time.
In most cities and towns, the property tax can be paid both offline and online. With the government's focus on e-governance, most municipal corporations have developed websites which enable you to pay your property tax of 2023 online.
If you live in Mumbai and own a property in Mumbai, you can pay your property tax through the MCGM portal. However, before making a digital payment, you must complete the KYC form and register for email and SMS notifications.
If you are keen on buying a pre-owned property, it is important to ensure that the previous owner is up to date with the property tax payments. It is also important to contact the municipal corporation and change the owner's name once you have bought the property. This will enable you to make the property tax promptly and stay up to date.
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