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Property Tax Savings: Leveraging Calculator Tools for Strategic Tax Planning

Blox Social
Posted on
Nov 24, 2023

Thanks to engineering minds and coding professionals, we now have the best calculator tools accessible to us at the littlest of cost. In this blog, we will help you understand and look into specific tips and tricks that you can employ for leveraging these calculator tools in the best ways possible. Let’s face it: we are all looking into methods of saving property tax whenever possible. To save, we have to calculate first. However, for doing these calculations, we must consider some dos and don’ts.

We are certain that you have encountered umpteen property tax calculator tools online but had your doubts! It is natural that since they call for entering sensitive information, you would have reconsidered and had doubts about entering your information on the website and actually using the tools. Let us dig deeper into how we can leverage these technological advancements from the digital world for our property tax! 

First Things First, It Is Imperative to Choose the Calculator of Your Needs

Arriving at the best calculator tool for your tax calculation will require some research, and you must necessarily engage in the same. There are multiple calculator tools in the market, and not all are the best for all tax calculations. While one might be suited for property tax calculation, one might be best suited for income tax! 

Understand The Parameters That Determine Property Tax 

For calculating the annual property tax that property owners in Mumbai have to pay to MCGM, it is advisable to rely on calculators like the property tax calculator on the MCGM website. This calculator will require you to enter the ward where the property is located, date of effect, floor subtype, nature and typology of building, carpet area (in square metres), zone, user main category, the building age, year of construction, FSI Factor, Tax Code, Sub Zone, User Sub Category, FSI, Occupancy Type, Floor, SDRR Rate and whether it is Metered or Unmetered. Once you fill in this information on the Citizen Portal and hit calculate, you can quickly arrive at the property tax payable. Since all these factors are taken into careful consideration to determine the property tax that you are supposed to pay, be careful when you make any structural or construction changes to the property, such as those that will affect the carpet area, total built and FSI. An increase in the same invites a higher property charge.

Furthermore, if a taxpayer fills the KYC form online on the MCGM Portal, all imperative alerts, notifications and bills will reach your email account. It is hence strongly advised to do the same. 

Make Sure Your Personal Information Is in the Right Hands

Data privacy is of utmost importance and must not be compromised. We live in an era where data leaks on the internet have unfortunately become a widespread occurrence. It is precisely because of this that we cannot help but re-stress on researching for the best calculator tools. Once you access any calculator tool, read through their privacy information and data storage policies. The best and most reputed calculator tool websites do not store any of the user’s personal or financial details. Avoid entering sensitive information that you feel is unnecessary for the given calculation. Use a reliable anti-virus and make sure the extension of the same is installed on your handset or desktop! It can ensure no malware enters your system from accessing any of these portals. Before installing any application to handle and manage your finances, read the reviews and ratings and carefully assess the credibility. 

Enter Information Carefully and Check Again

The results are directly dependent on the information you enter. Typos may naturally occur, and it is, hence, best you double-check to eliminate any possibilities of the same. We also advise that you calculate the tax twice by entering your information again to be double sure of the amount that you have received in the end because of the calculator. 

Final Thoughts

Well, this brings us to the end. There are numerous property tax calculator tools all over the internet; they are crafted to help you calculate your taxes efficiently and effectively since it can be a taxing procedure. It is also essential to understand that structural changes to the property will invite a change in property tax. It is equally imperative to be mindful of not using websites or applications that are unreliable and may potentially leak your personal and financial information. 

Finance & Legal