What are the different methods for determining property tax rates?

In India, property tax rates are determined by the respective municipal corporation or panchayat of the state or union territory. The property tax rate calculation methods may vary across different states, but the most common methods include:

1. Annual Rental Value (ARV) Method: This method calculates the property tax based on the annual rental value of the property. The ARV is determined by the local authorities based on the location, type, age, and other characteristics of the property.

2. Capital Value Method: This method calculates the property tax based on the estimated market value of the property. The local authorities determine the capital value of the property based on factors such as location, type, age, construction quality, and other features.

3. Unit Area Value (UAV) Method: This method calculates the property tax based on the builtup area of the property. The local authorities assign a specific value per square foot or square meter of the builtup area, and the property tax is calculated by multiplying this value with the total builtup area of the property.

4. Flat Rate Method: In this method, a fixed amount of property tax is charged based on the type and location of the property. This method is usually applicable for smaller properties or those located in rural areas.

It is important to note that property tax rates and calculation methods may be subject to change based on the local regulations and policies.