Property Tax Payment in India Property Tax is charged by the government on all Tangible Real Estate assets could include Residential homes, Office buildings and other buildings rented out to third parties. Property Tax has a deep-rooted history in India. Even in olden days great Epics like Manu Smriti and Arthasastra, which spoke about different tax measures at that time. Kings would levy a small tax on farmers and landowners. Which would be used to enhance the treasury of a kingdom. The advent of the British bought in a more streamlined process, with land revenue forming a major chunk of the British treasury. They devised a system of centralization with respect to land tax, appointing individuals to collect tax on behalf of the crown. This gave birth to tax collectors and formal tax collection system in the country. Property in India is classified into four categories. Which help the government estimate tax based on certain criteria. The different property divisions in the country are mentioned below • Land – in its most basic form, without any construction or improvement. • Improvements made to land – this includes immovable man made creations like buildings and go downs. • Personal Property – This includes movable man-made objects like cranes, cars or buses. • Intangible Property. The Present State of Property Tax in India Property tax in India is to be paid on “real property”, which includes land and improvements on land, with the government appraising the monetary value of each such property and assessing the tax in the proportion to its value. It is the duty of the municipality of a particular area to do this assessment and determine the property tax which can be paid either an annual or semi annual basis. This tax amount is used to develop local amenities including road repairs, maintenance of parks and public schools, etc. Property tax varies from location to location can be different in different cities and municipalities.
Pay Property Tax Online by following these steps: 1. Log onto the official website of their municipality/city corporation. 2. Choose the tab indicating property tax and navigate payment option. 3. Choose the right form(either 4 or 5) based on the category under which an individual’s property falls. These forms are used to determine if any changes have been made to a property in question. 4. Choose the assessment year. This is the year for which property tax needs to be calculated and paid most corporations to provide an option to clear backlogs in Property tax payment. 5. Individuals will be then required to fill in their property identification number and any other relevant document pertaining to their property including the owner’s name 6. Once all relevant information has been entered, individuals can choose the mode of payment which could be credit/debit cards or internet banking 7. Once payment is made individuals can take a printout of the challan for their reference. EASIEST WAY TO DO PROPERTY TAX PAYMENT IN BANGALORE CITY Plot Monitor – Secure Your Property It is a division of Purplebrick Reality Tech Private Limited. They are in the field of Real Estate for more than 25 years. Plot Monitor provides service to monitor Plot/Sites. And provides apartment related services including khata transfer, Property tax payment and other value added services. Plot Monitor will provide report on various parameters such as Encroachment, Illegal activity and property status along with recent photographs. For more details regarding Property tax payment or other services visit Plot Monitor
Property tax Payment in India
Property Tax Payment in India Property Tax is charged by the government on all Tangible Real Estate assets could include Residential homes, Office bui...