What is Property or House Tax | Property Unique Id | PTR Guidelines | Exemptions | Valuation
What is Property or House Tax | What is Property Unique Id - PID | What are the Guidelines to File PTR | Exemptions on Property Taxes | Valuation of Property
Funds collected through property tax or house tax are used for development of your area. That’s why it is important to pay your property taxes on time. The increasing use of technology in government offices has simplified the process.
What is Property or House Tax?
Funds collected through urban-local bodies like municipal corporations in property taxes form are used to maintain the infrastructure of every city. Since this tax is imposed by local authorities, there is a difference in city evaluation, rate band, valuation, and payment process. In common language, it is also known as the house tax. Property taxes are also applicable for various residential, commercial, institutional and official establishments properties which are classified under 70-80 heads and rates for each head are different. Therefore, it is important to ensure that its property in the assessment under the appropriate category.
What is Property Unique Id – PID?
Apart from the property tax, there may be some other charges along with water tax, breaking of fees etc., which also have to pay. Property tax is levied on your property’s annual rental price (ARV). The identification number is a unique identification number assigned to each property, which is subject to tax. This unique identification number can be used to locate the property in government records. This number also allows you to use e-portal to file the property tax return PTR online.
For example, Your address can be B-23, Imperial Towers, Sector 51, Noida, but you will need ID numbers for all taxation and related purposes You can find this number with your last property tax payment receipt.
What are the Guidelines to File PTR?
After registering your property with the municipal authority, this Property Unique ID number is generated. Assessment of property tax liability is on the guidelines issued from time to time by Municipal Corporations. Owners of the property should self-assess their tax liability on the bases of that. A periodic investigation and amendment made by your municipality, if you keep your property low in your own assessment then you may have to face heavy penalties.
For example, Section 152A of Delhi Municipal Corporation Act, 1957 provides for prosecution for deliberately presenting wrong information.
Exemptions on Property Taxes for Citizens
These following properties are exempted from property tax:
- Public donation land or property
- Public worship, burial or cremation ground
- Heritage ground or building
- War widow / heroic award winner
- Government building or foreign consulate
Valuation of Property by Municipal Corporation
The valuation of your property by the municipal corporation is as follows:
Structure of roads around the public park/width (Fixed / Semi-Pakki / Kutch) Factor of the sub-factor (Hired / self-occupied / semi-rented year of construction using premises Area of floors Cover ground land below land Use (for example, flat valuation is done in Mumbai by the following formulas:
Structure of roads around the public park/width (fixed / semi-permanent) factor of the molecule (rent / self-occupied / semi-rented year of construction using premises area of floors covers land use of free land.
For example, flat valuation is done in Mumbai by the following formulas:
- Property tax = base price × built-up area × age factor × type construction × the category of use × flooring factor
In the case of rental property, ARV is more than:
Municipal evaluation rent should be paid on time to receive the proper rent determined by the Income Tax Department. There should be some exemption and exemption to the municipal authorities for encouraging payments on the time of property tax. In case of a default, you may be subject to penalties or face such as the separation of water or electricity, etc. To provide the facility the people, the municipal corporations are organizing camps from time to time by the Municipal Corporation. Discounts and assistance are provided to the previous defaulter in these camps. So if you have made a mistake in the past, you can get the opportunity to pay all your pending outstanding dues in these camps.