Tax! This is a word that scares the common man. Taxes are of various types. Every person dreams of owning their home in a metro city, like the apartments in Bangalore. However, no dream comes without a tax. Whether you dream of starting your own business or buying your own home, tax is what you pay to the government as a mandatory financial charge. Income Tax, professional Tax, property tax are few of the many types of taxes a citizen has to pay in order to earn money in that particular country, practice their profession in a state or purchase a property of their choice, respectively.
Failure to pay tax is punishable by law. Over the years many changes have happened through the Property Tax Bill. Nowadays, the payment and management of tax is easy and accessible because of property tax online payment. In this article, let's understand property tax, its characteristics and calculation.
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What is Property Tax?
Property Tax is also called House Tax. It differs from one municipal authority to another. For instance, property Tax for a 2 bhk flat in Bangalore, depends on the municipality law and regulation of that particular region in Bangalore. It is levied on real estate owners.
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Property Tax calculation
Whether you plan to purchase a 1 bhk or a 2 bhk flat in Bangalore, knowing how to calculate property tax is very crucial for good financial planning. Capital value system, Annual Rental value system and Unit area value system are the different types of ways to calculate property tax. Unit area system is paid as per the property unit price, the annual rental system depends on yearly rent and the capital value system directly reflects the market value of the property. In the technological online age, property tax online payment has become an easy way of paying your taxes.
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Property Tax characteristics
This is the tax which is generally used to maintain the civic amenities of that area. Property for apartments in Bangalore will be used for the maintenance of the civic amenities in that area. Civic amenities maintenance through property Tax includes cleaning roads, sewage areas, lighting, parks, various other residential and commercial infrastructure amenities etc.
Taxes are a
mandatory element. Proper tax planning and payment can avoid the overdue
charges that you will be liable to pay if property tax is not paid on time.
This property tax guide will help you to plan your tax management wisely.
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