What is Property tax?
The tax that the govt charges on any quiet property are named land tax. The owner of the concerned property pays it to the government or the municipality of the actual area. The tax is calculated keeping various factors into account. They are often paid annually or semi-annually. There are many taxes in Tamil Nadu, like Patta Chitta etc, which you'll pay online now as a neighbourhood of the digital revolution.
What does land tax in Tamil Nadu depend on?
There are several steps to urge to the ultimate amount of tax to be paid annually:
Basic Value: If any property is on rent, the rental gain of per square feet of that property is taken into account for calculating the annual tax. this is applicable to all or any municipalities and township committees of varied zones for Taxation of the Annual Rental Value of lands and of buildings.
Depreciation: The depreciation provided by the Tamil Nadu land tax dept depends on the age of the building. consistent with that, the subsequent are the rules:
Upto 5 years old building: No depreciation
5-15 years old building: 15% depreciation
More than 20 years old building: 20% depreciation
Occupation: If the building is occupied by the owner, then a 30% discount is granted on the land tax.
Nature of building: the character of the building also plays a serious role choose the tax calculation. Following are the categories:
For thatch building: 50% discount is out there.
For buildings with tiled, AG and GA sheets: a 25% discount is provided.
For buildings with RCC: no discount is provided.
Tax hikes: annually or few years see a specific growth within the land tax to be paid. However, the convenience of the taxpayer is usually considered while deciding any quiet hike.
1. Buildings occupied by the owner: the utmost limit of the hike is 25%
2. Rented residential buildings: the utmost limit of the hike is 50%
3. Industrial building: the utmost limit is 100%
Commercial building: the utmost limit is 150%
How to file a self declaration form?
The self declaration form compiles the small print of properties of the owner which will be used for land tax calculation. It are often either completed online by downloading the shape from Corporation website or are often done offline by collecting the shape from the zonal office.
Details required to finish the self declaration form:
The acreage of the individual plots
Floor area ( whether it's residential, commercial, permanent or semi-permanent)
Year of construction of the building.
What is the procedure for paying land tax in Tamil Nadu?
The land tax is paid either once or twice a year, as is convenient by the taxpayer. The dates are generally specified beforehand. Mostly the time of payment is in March or September. There are two ways of creating the payment:
The revenue officer or the assistant revenue officer of the Zonal Office I to XV are legally allocated to gather land tax.
Payments are often made in any of the branches of HDFC Bank, Axis Bank, Canara Bank, Indian Overseas Bank, City Union Bank, ICICI bank, IDBI Bank.