Property Taxes – What can I expect in certain areas?

Property Taxes – What can I expect in certain areas?

A property tax is the levy on the property

A property tax is the levy on the property which is owned by a person and the tax is levied with the government authority within the jurisdiction of the property is situated. It can be paid to national government, federal, region or municipality. As we consider income from the property is the heads of all the incomes, as per the income tax act. Property includes home, buildings, shops etc.

Your property tax

Your property tax is depends upon how much property you are holding. There are certain rules about how much property tax should be paid by the person holding that much and this much amount. The bigger your property the tax also is huge. There are different tax policies in country and in every state. there are different rules for payment of the property tax and the amount of tax you should also changes. Because this property tax which we pay take in use to develop the state and the city. It is like when you have lot of to develop in the state your property tax is comparatively more than what is paid by under developed states. In desert areas the property tax is less because the development in desert areas is less. But in cosmopolitan cities like Mumbai, Chennai property tax is more than anything because they are developed cities and need an infrastructure to take care of every day which needs lot of money.

Unlike UK where occupier is liable to pay property tax

Unlike UK where occupier is liable to pay property tax in India the owner liable to pay property tax in the municipality mainly which undertake the work of development in the city. Property tax in India calculated on the basis of annual values. Annual values can be different every time. Residential houses, office buildings, factory, godowns, flats, shops are the properties for which you have to pay taxes.

Jun 19 2017 2:52AM



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