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INTRODUCTION
Property tax is a tax that property owners in Pune, Maharashtra, India, have to pay to the Pune Municipal Corporation (PMC) every year. This tax is levied on both residential and commercial properties located within the PMC limits. The tax amount is calculated based on the market value of the property and is used to fund various civic amenities such as street lighting, garbage disposal, water supply, road maintenance, and other public services.
Types of calculations in property tax.
- Capital Value System (CVS): The tax is levied as a percentage of the market value of the property. This market value is determined by the government and is based on the locality of the property. The market value is revised and published yearly. Mumbai follows this system.
- Annual Rental Value System or Ratable Value System (RVS): Under this system, the tax is calculated on the yearly rental value of the property. This is not necessarily the actual rent amount being collected; rather it is the rental value decided by the municipal authority based on the size, location, condition of the premises, proximity to landmarks, amenities etc. Examples of municipalities following this system of property tax include Hyderabad and Chennai.
- Unit Area Value System (UAS): In this system, the tax is levied on the per unit price of the built-up area of the property. This price is fixed (per square foot per month) based on the expected returns of the property as per its location, land price, and usage, and is then multiplied with its built-up area. Municipalities like Delhi, Kolkata, Bengaluru, Patna and Hyderabad follow this system for property tax calculation.
Factors used for the calculation of property tax.
- Location of the property.
- Size of the property.
- Whether the property is under-construction or ready-to-move.
- Gender of the property owner – there may be discounts for female owners.
- Age of the property owner – there may be discounts for senior citizens.
- Civic facilities provided by the municipal body in the locality.
How to Pay Your Property Tax Online?
Step 1: Go to the municipality’s/city corporation’s official website.
Step 2: Navigate to the payment option by selecting the property tax tab.
Step 3: Select the appropriate form (either 4 or 5) based on the category of an individual’s property. These forms are used to determine whether or not any changes have been made to the property under consideration.
Step 4: Select the assessment year. This is the fiscal year in which property taxes must be calculated and paid. Most corporations offer a way to pay off backlogs in property tax payments.
Step 5: Individuals must then enter their property identification number and any other relevant documents pertaining to their property (zone under which it falls, property type, etc.), including the owner’s name.
Step 6: After entering all relevant information, individuals can select the mode of payment, which could be credit/debit cards or internet banking.
Step 7: After making payment, individuals can take a printout of the challan for their records.
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