Under Indian Taxation Law, individuals who own property – residential or commercial, are expected to pay property tax within a fortnight of the commencement of the half-year. The manner of payment differs from city to city and is determined by the respective States.
In Hyderabad
- The Greater Hyderabad Municipal Corporation considers the physical dimensions as well as location, type of construction etc. to calculate Property Tax in Hyderabad. The rate of property tax is dependent on Annual Rental Value in Hyderabad.
- The formula for calculation of tax for residential property is Annual property tax = Plinth area x Monthly Rental Value (MRV) per sqft x 12 x (0.17-0.30) depending on MRV (based on slab rate of taxation) – 10% depreciation + 8% library cess.
- Input your circle number; your unique PTIN (14-digits for old PTIN and 10-digit for new PTIN)
- If the property is self-occupied, the rate of property tax is calculated on the basis of the rental value of similar properties in the same locality. If the property is tenanted, the MRV is determined with the help of the rental agreement.
- Property tax can be paid at any e-seva counter, online service delivery counters, citizen service centres, or at any State Bank of Hyderabad branches (Online, NEFT and RTGS modes of payment).
- Last payment dates for half-yearly bills are 31 July and 15 October. Any delay in payment results in a fine of 2% per month on outstanding dues.
- 100% property tax exemption for properties owned by presently serving or ex-servicemen. 50% tax concession on properties with vacant premises, subject to a report by the tax inspector.
Calculating property taxes, deciding on hiring property lawyers who can help understand the nuances and property valuation – all these require a lot of tightropes walking. RoofandFloor helps and aims to make your home buying journey easier and safer.
thanks for sharing the process