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How are property taxes calculated?

Curious about Property Taxes

How are property taxes calculated?

In India, property tax is levied by local municipal authorities on property owners based on the value of their property. The tax is calculated annually and is based on various factors such as the location, size, type, and usage of the property.

To calculate property tax, the municipal authorities will typically assess the market value of the property, taking into consideration factors such as the location, age, and condition of the property. They will then apply a predetermined tax rate to this value to arrive at the annual property tax payable by the property owner.

The tax rate varies across different municipal authorities and is generally between 0.2% to 2% of the property value. The property owner is usually required to pay the property tax in quarterly or halfyearly installments. Failure to pay the property tax can result in penalties and legal action.

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