<p>Owning your dream home is the fulfilment of your dreams and your family&#39;s aspirations. While this is true, one must also consider India&#39;s extensive need for financial planning and paperwork. <a href="https://blox.xyz/blog/what-to-check-before-buying-property-online">Buying a property</a> 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.</p>

<h2><strong>What is property tax?</strong></h2>

<p><a href="https://blox.xyz/blog/what-are-the-different-types-of-property-taxes-and-how-to-calculate-them">Property tax</a> 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.</p>

<h2><strong>How is property tax calculated?</strong></h2>

<p>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.</p>

<p>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.&nbsp;</p>

<h2><strong>How to pay property tax in Mumbai?</strong></h2>

<p>In most cities and towns, the property tax can be paid both offline and online. With the government&#39;s focus on e-governance, most municipal corporations have developed websites which enable you to pay your property tax of 2023 online.</p>

<p>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.</p>

<p>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&#39;s name once you have bought the property. This will enable you to make the property tax promptly and stay up to date.&nbsp;</p>

<h2><strong>How can Blox help you?</strong></h2>

<p>Apart from providing access to high-tech tools to find the property of your dreams, <a href="https://blox.xyz/">Blox</a> has verified developers and builders listed on the site with a track record of delivering some of the best projects in town. Our online portal uses AI, big data, and information science to find you just the kind of property that you need. Blox is the best partner in your home search because of the expert guidance of relationship managers who offer end-to-end help while buying your home. In addition, your relationship manager can help you find more information about property tax payments in India.</p>

<p>In the real estate dynamic, picking between a 2 BHK and a 3 BHK home is similar to organising an ensemble of ventures. Every choice presents its own unique advantages and disadvantages thereby making the choice between them a confusing task. To make your task easier, we have curated this detailed blog to help you choose between 2 BHK to 3 BHK as per your requirements. So, without further ado, let&rsquo;s dive straight into the blog.</p>

<p>Vastu is an ancient Indian system of architecture and design that aims to create harmony between humans and nature by balancing the five elements - earth, water, fire, air and space.</p>

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<p>Kicking off 2024 on a high, Mumbai&rsquo;s real estate market is set to experience a reported 5% increase in its residential sector. Nevertheless, Premium properties continue to be a huge draw among homebuyers, courtesy of an increased standard of living among Mumbaikars. Flats in the commercial capital come in all shapes and sizes, from studios to affluent penthouses.</p>

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.