Pune Property Tax | Meaning, Purpose, Eligibility, Procedure, Penalty, Due Dates, Rewards and How To Calculate?

Pune Property Tax: Property tax is a tax levied with the government’s aid at the price of assets or real estate. The Pune Municipal corporation also has its share of rules and regulations to maintain the P.M.C. property tax. It is a high supply of sales for the Pune Municipal organization (%). The sales department of the Municipal frame is liable for the administration of the belongings taxation for the respective city neighborhood bodies.

Assets tax applies to all vacant lands and properties inside Municipal organization limits. In this specific article, we will discuss all the properties about the P.M.C. property tax and other topics like Pune property tax receipt and the discounts like the Pune property tax discount 2020.

Property Tax Pune

Pune property tax

The Pune Municipal organization or Pimpri Chinchwad Municipal Company (PCMC) [based on the location of property] assesses an asset to give it a cost and levy tax on someone’s actual or non-public belongings in Pune. Pune Corporation is serving its citizens because it took place in 1950.

Which will automate the entire property tax evaluation method and enhance its sales; the Pune corporation in September 2016 started out sporting out geo-tagging of properties in its jurisdiction along with identifying unauthorised and unlawful residences by the usage of Geographic information system (G.I.S.). The exercise includes:

  • Verifying the present size of the belongings.
  • Citing information of the property proprietor.
  • Clicking pics of the residences and their files and so forth.
  • Pune Corporation covers more than 8 lakh homes in its purview.

Out of the few houses that were mapped, the usage of the G.I.S. generation and is expected to Map all properties soon. This results in a full-size boom inside the revenue for percent as it allows identifying defaulters effortlessly. The belongings tax is relevant to all homes and vacant lands inside Municipal enterprise limits. Assets tax is classified on the premise of carpet location of the constructing/belongings. % follows capital price-based total gadget for property tax calculation.

What is the purpose of Property Taxes

The nearby urban body will investigate the land and collect the belongings tax. The gathered taxes may be for the jurisdiction department wherein the belongings are situated. These services for which the accumulated money are used for facilities consisting of education, library production, sewer improvements, street and toll road structures, repairing roads, fire providers, and other services that incredibly advantage the involved jurisdiction.

Who is Eligible?

The official eligible criteria for a Property tax are;

  • Someone who is at least eighteen or older.
  • An individual who is a permanent resident of Pune
  • Someone that owns a property in the area of the Pune Municipal corporation.

How to calculate the property tax

Property taxes are computed from a percentage of the assessed price of the belongings. Property taxes are calculated by the use of the value and place of the property or land. The tax assessors will cost the belongings/ land and charge the reasonable rate from the owners of the belongings the usage of the standards set by the authorities. Pune Municipal business enterprise (%) lets its users calculate belongings tax online by getting into the area, locality, usage, kind, general plinth vicinity, and age of the assets.

The formula followed to calculate Pune property tax

The property tax is a percentage of the actual fee of the assets based on the equipped reckoner used to calculate stamp obligation via the revenue branch.

Assets tax = Tax fee * Capital value Capital value = Base fee * built up location * utilization * constructing kind * age factor * floor thing

Percent allows its customers to calculate assets tax online by using locality, vicinity, usage, kind, overall plinth region, and age of the belongings.

The procedure that one has to follow to pay the tax

The payment procedure for the Pune property tax can be carried out by both the offline and the online method. Below are the instructions one should follow when paying through both ways.

Offline method

Property tax offline is universal in cash/ cheque/demand draft. It would help if you drew a cheque/call for the draft in favor of ‘The Assessor and Collector of Tax, P.M.C. Pune.’

You can pay assets tax at any of the 30 ward offices of a percent or Citizen’s facilitation centers run by way of % or at authorized financial institution branches consisting of Cosmos, HDFC, ICICI, or bank of Maharashtra or self-pay tax payment kiosks.

Online method

Through P.C.M.

  • Go to the P.C.M. website
  • Click on ‘pay online’ or ‘NEFT/RTGS fee’ as in step with your preference
  • Enter property details and click on ‘publish.’
  • Affirm property owner details and additionally belongings tax dues that are displayed
  • Enter the quantity you need to pay, affirm the cell-wide variety and e-mail id, and select the gateway of payment which includes net banking, debit/credit scorecard, and make the charge. The fee paid through debit/credit score card may also incur extra prices.
  • You can also download the document from this website by clicking on the “Tax Receipt.” You can also download all the previous challans through this portal.

Through PCMC

Based totally on the locality, your private home is probably falling underneath Pimpri Chinchwad Municipal business enterprise (PCMC) in Pune. You may access the PCMC internet site here. Click on belongings tax under ‘residents’ and click on ‘property bill.’ Enter zone, Gat No. Proprietor name and deal with to get entry to the invoice and take charge.

Any grievances regarding online payment or assessment of property tax can be despatched to propertytax@punecorporation.org. The given mail is their official mail.

Exemption from the Pune Property Tax.

Houses used for worship, public, or non-secular purposes and registered with charity commissioner as charitable institute/believe exempt from the purview of belongings tax in Pune Corporation.

PCMC offers 50% concession on the standard tax of houses owned by ex-servicemen/freedom opponents/their wives, girls, and a forty% rebate in case of homes registered inside the call of persons with more than forty% disability.

Penalty, rewards, and due dates

  • Due date – For the first 1/2 12 months (April 1st to September 30th) due date is 31st can also and For 2d half of-12 months (October 1st to March 31st), the due date is thirty-first December.
  • The penalty is charged at 2% in step with the month in case of putting off in charge beyond the due date that has been accused from 1st July in case of the first half of 12 months and from 1st January in a matter of second-1/2 12 months.
  • Rewards;

For residential homes/ non-residential/open plot especially registered as residential constructing – 10% bargain on standard tax in case of annual ratable cost as much as Rs 25,000 and five% discount on general tax in case of the ratable yearly price of Rs 25,001 and above

In case of residential residences having sun, vermiculture and rain-water harvesting –

5% discount on municipal tax (except water tax and authorities taxes) in case of one of these tasks and

10% discount on municipal tax (excluding water tax and government taxes) in case of these tasks

Indian real property is a beneficial but somewhat regulated asset elegance. For homebuyers and traders alike, one such criterion of consideration is the computation and collection of property tax. To put it honestly, assets tax in the context of Indian actual property is the amount charged by the authorities on all real estate that a person owns.

This tax is paid to the municipal corporation or neighborhood authorities and is due on an annual basis. Assets tax is used to develop the infrastructure of the town where the property is living. This infrastructure includes the development of roads, railways, water and energy supply, and so forth. All matters that make a metropolis greater livable.

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