For several years, the property tax has been recognized across the world. In today’s era, it is crucial to know all about it and how it works because either you are already paying it or you’ll be paying it when you purchase your dream home.
In general, if we talk about our country, i.e. India, the government levy taxes, such as property tax, income tax, etc., on their citizens to generate income for several projects for an economic boost and to upscale the living standard of the citizens. Which is fair enough, isn’t it?
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With digitalization picking up its pace with time and the increasing penetration of internet-enabled smartphones, the government has ensured that paying property tax becomes easy and hassle-free with digital payments. So, property tax online payment can be made from anywhere at any time.
What is Property Tax?
Like every other kind of tax, a property tax is to be paid annually and is charged by the government on all tangible property an individual owns. Property here refers to any real estate such as houses, office buildings, etc. Further, it depends on the government policy whether the tax would be paid to the local state government or the Municipal Corporation (MC).
(Note: You can pay property tax online or offline. However, doing a property tax online payment is highly recommended as it is super easy and you can do the same on your smartphone.)
How is Property Tax estimated?
Before paying the tax on the valuable property, it is essential to know on what basis it is calculated. So, officially, it is based on its valuation and appraisal as per the locality in which a person resides. The amount varies depending on the locality’s type of levy, facilities available, and other similar kinds of factors. So if you have this information, you can calculate it yourself too.
For example, the general formula for Municipal Tax calculation is – Property’s base value X Building type X Age factor X Built-up area X Floor factor X Use category. As this is a manual method, you can also check it via specific online tools before making the property tax online payment.
What are the steps to pay property tax online?
The fast internet available in today’s time has significantly impacted how everything functions, and it has simplified our lives to the next level. For example, gone are the days when paying property tax was a tedious task. Now, the whole procedure to pay property tax digitally is easy, and there are specific steps one needs to follow.
1. Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application. It is available on the Play Store (Android) and the App Store (iOS).
2. Sign up with your details
3. Go to the Bills & Recharges section.
4. At the bottom, go to Municipal Taxes.
5. Fill in the required details, and you are good to go.
I’m sharing the reference of this application as I have been using it for almost six months now. Totally reliable and highly recommended if you do your payments digitally.
However, as you can see that if these steps are followed correctly, property tax online payment is an easy task, but as this is a sensitive matter, you need to make sure that all the information you put out there should be 100% correct.
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