If you own a property in India, you might be well aware of the fact that, like every other kind of tax you pay, there is also a property tax to be paid annually. Since the evolution of technology, doing taxes nowadays is as easy as ordering groceries. Look around you. Do you see any person without a smartphone? No, right?
The property tax system in India has been digitized in recent years, which has enabled individuals to initiate property tax online payment. It is super easy and convenient if you are on the right track, and it hardly takes a few minutes of your time.
What is property tax?
Property tax is levied by the government authorities on owners of real estate or immovable property in India. It is a direct tax levied by the local municipal or panchayat officials on the property’s assessed value.
This tax is calculated on the basis of various factors, including the property area, location, age and type of construction, and the property’s current market value. Collected annually, it is used by the local government to fund various civic amenities and services such as garbage collection, maintenance of public parks, street lighting, etc.
Smartphones have made our lives a lot easier, and they are the best tool in your hand to make online property tax payment. So, instead of physically going to the concerned site for the same, just a few taps on your mobile, and you are good to go
How is it calculated?
Well, unlike the income tax, the property tax has a lot of factors that come into play in order to calculate it. From the property’s base value to the built-up area, many factors play an essential role here.
However, before paying the tax on your valuable piece of property, knowing how it is calculated is essential. It is based on its valuation and appraisal depending on the locality in which a person resides. Therefore, the tax amount varies as per the locality’s type of levy, amenities available, and other similar factors.
The formula for Municipal Tax calculation is –
Base value of Property X Type of Building X Age X Built-up area X Floor factor X Use category.
How to make property tax payment online?
The days when paying property tax was considered a full-day tedious task are way behind us. Nowadays, in the modern tech era, the whole procedure is relatively easy, and one can do it with a few taps on a smartphone. Here, I’ll share my experience and which application I used.
- Download the Bajaj Finserv app
- Sign up with your required details
- Go to the Bills & Recharges section
- At the bottom, go to Municipal Taxes
- Fill in the required details
In my personal opinion, Bajaj Finserv is one of the Best app for online property tax payment as it is super easy to use, and people of any age group can use it easily. It is highly recommended!