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Everyone desires to own the key to their dream abode one day. But many don’t know that with the dream abode comes the tax attached to it, which is mandatory to pay. This is called Property Tax or Municipal Tax. Known across the world for many years now, the Property Tax is levied by the government on their citizens to generate income to execute several projects for an economical boost and to enhance the living standard of the citizens.
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With the increasing penetration of internet-enabled devices in recent years, property tax online payment is one of the easiest and simplest ways to file property tax. It can be made from anywhere at any time and tends to save a lot of time, money, and fuel.
What is Property Tax?
Before letting out hard-earned money from our pockets, it is imperative to understand where it is going. Also known as Municipal Tax, Property Tax, in layman’s terms, is simply tax paid on your owned property. But, it is not it. The government charges a property tax on all tangible property an individual owns, and like every other kind of tax, a property tax is to be paid every year. However, this tax levied on real estates, such as houses, office buildings, etc., depends on the government’s policy and whether it would be paid to the local state government or the Municipal Corporation (MC).
How is it calculated?
Remember, before making the property tax online payment on your valuable property asset, it is essential to know on what basis it is calculated. There are a lot of essential factors that come into play to calculate the property tax. From the base value of the property to the built-up area, many factors are important here.
However, it is essential to know that the property tax is based on the property valuation and appraisal depending on the locality in which an individual resides. Therefore, the amount varies per the locality’s type of levy, amenities available, and other factors.
When you have this information, you can calculate it yourself before making a property tax online payment to crosscheck whether you are on the right track.
The 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.
How to pay municipal tax online?
The web has made a significant impact on how everything functions, and it has simplified a lot of lives. For example, gone are the days when paying property tax was tedious, as the game has entirely changed due to digitalization. The whole procedure of digitally paying property tax is relatively easy, and one can do it with a few taps on a smartphone. Here, I’ll share my experience and how I file yearly property tax. (Please note that I’m not promoting any brand or organization here. Just sharing my experience)
- Download the ‘Bajaj Finserv: UPI, Pay, Loans’ application. (Available on both Play Store and App Store)
- Sign up with your details
- Go to the Bills & Recharges section
- At the bottom, go to Municipal Taxes
- Fill in the required details
I’m sharing this example as I have been using this application for almost a year. It is totally reliable and highly recommended if you make your payments digitally. So now, when someone asks you ‘How to pay municipal tax online,’ guide them in the right direction.
