| <!-- @page { margin: 2cm } P { margin-bottom: | | | | tax per thousand currency unit of property value |
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| Under the Income Tax Act, property is | | | | Different regions of the nation have different |
| considered as one of the heads of income. Hence, | | | | models the tax system. Very recently, the |
| tax is levied on it. In India, property includes flats, | | | | property tax model followed by the Patna |
| buildings, shops and such. Though land itself is | | | | Government has been praised by the UN. The |
| excluded from this kind of tax, but the one | | | | city has implemented the system of area based |
| adjacent to apartments and houses is accounted | | | | simplified assessment of tax. |
| to be a property and hence, falls under the tax. | | | | Tax evaluation on property is determined by |
| The property tax is levied by the local municipal | | | | several aspects. While selling the property, the |
| corporation in order to carry out basic civic | | | | amount willingly to be paid by the buyer is taken |
| maintenance services across the region. The | | | | into account for tax calculation. The tax on the |
| services include building roads, sewer system, | | | | property is also determined by the general |
| maintenance of parks, developments in | | | | market trends and sales comparison, cost |
| infrastructure and such. In our country the tax is | | | | approach and income. |
| paid by the owner of the property while in other | | | | The tax levied on property may change with its |
| countries like UK, the liability falls on the occupier | | | | market valuation. In case of addition to the |
| of the real estate, who in many cases many not | | | | property, the tax rate would also increase. As a |
| be the owner. Let us explore some more | | | | tax payer, it is very important to monitor the |
| information on property tax India. | | | | entire assessment process. You are always open |
| Information on Property Tax India | | | | to make property tax appeal in case of any |
| For easy assessment, the property tax rate is | | | | discrepancy regarding it. |
| often mentioned in percentage. That is, the | | | | As an owner, if you are not confident on |
| amount of tax which is to be paid per hundred | | | | calculation of tax, take help of tax consultants. He |
| currency unit of the property value. The tax rate | | | | would offer you with all professional help and |
| is also expressed in permille where the amount of | | | | assistance. |