Property Tax has been named as Holding Tax in Odisha Municipal Corporation Act, 2003. Property Tax is one percent of annual value and it is the prime source of Revenue for Odisha Municipal Corporation. Any citizen who is holding any property and comes under the jurisdiction of Municipal Corporation has to pay property tax as per the OMC Act.
As per the Odisha Municipal Act, any holder of property under the Municipal Corporation limit must have to pay property tax. The property tax can be charged @ of seventeen point five percent (17.5%) of the annual value of the holding of the property. It depends on the nature of the holder (residential or commercial).
How to Calculate Holding Tax
The method of calculating the property tax is based on the formula, which is given below:
Annual Rental Value can get:-
Annual Rental Value per Sqft. (x) Total Build-up Area in sq.ft.
Annual Tax is 20.5 percent of Annual Rental Value
Rebate of 10% will be given to all Govt. building, Govt. Educational Institutions, Govt. Hospitals, Govt. Cultural Institution. They have to pay only 7.5 percent against latrine and light tax.
How the Holding /Property Tax calculated in Odisha
Residential – The process is as follows-
Stage 1:- Plinth Area of the holding in Square Meter (x) Rs. 13.65
Stage 2:- Subtract fifteen percent (15%) of the Plinth Area against repair and maintenance
Stage 3:- Now Add 0.5% of the land cost where the holding of residential property is located.
Annual Value = Stage 1 + Stage 2 – Stage 3
Holding Tax is charged as @17.5 percent per annum of the Annual Value.
Holding Tax is charged as 10%
Latrine Tax is charged as 2.5%
And Street Light is charged as 5%
Commercial property – The process is as follows-
Stage 1:- Here the user has to add the civil cost of the building (+) the cost of PH and Electric fitting.
Stage 2:- In this stage, the user has to take 7.5% of the value which comes through Stage 1.
Stage 3:- Now Add 0.5% of the land cost with Stage 2
Stage 4:- 17.5% of the cost which we get at Stage 3 is the Holding Tax can be paid yearly.
How to Pay Holding Tax online in Odisha
The taxpayer can make the payment of Holding Tax online by going to the website https://www.ulbodisha.gov.in/or/emun/home Here you need to click on Citizen Services, where you will get an option of holding tax, click on it. A new page of Property/Holding Tax will open up, where you will get many options. Now click on the Self Assessment of Holding and fill the form with all the required details and submit it and payment gateway mode will open.
Select your mode of payment and then you will get a transaction receipt. Take a print out of it for future use. You can also check the status of your application by entering the application number & Date and online request number and by clicking on search. The user can also view the payment details entering some information. The calculator to calculate your property/holding tax is also available on the website.
How to Pay Holding Tax offline in Odisha
To pay the Holding/Property Tax, you can go to your concerned Odisha e-municipality office of Tax wing. Provide the approved building plan’s copy to the officials for facilitating the evaluation of Holding/Property Tax.