Property Tax

Property Tax
Property tax in India is the tax which is imposed on assets such as land, buildings, and so on by the government, regardless of their location and uses.Property tax is the primary source of income for the Tamil Nadu government.The calculation is done at the state level, however, the panchayats and municipal corporations are responsible in Tamil Nadu.Property Tax Rates Across Tamil Nadu:
Required Documents for Registration Form:
How is Property Tax in Tamil Nadu calculated?:
1.The total AVR is equivalent to the AVR of the covered space + the total AVR of uncovered space.
2.The AVR of uncovered space will be equivalent to 12 x (½) x BVR x uncovered area in square feet.
3.The area of the covered area can be defined by the multiplication of the relatable value, including the addition of 12.
4.The property tax of an apartment building or flat is calculated on the basis of the basement floor area. The rate varies based on where the property is located. The use of the property is also key to the calculation, as the tax rates for residential and commercial properties differ. The occupancy type and total span of the existence of the building are also additional factors for the tax calculation.
Who Collects Property Tax in Tamil Nadu?:
Property taxes in Tamil Nadu need to be paid on time. Are you wondering why you make tax payments? Or why is it essential to make it before the due date? Failure to make a timely payment will result in a penalty of 1% per month.