by Audit Analyst | Dec 30, 2025 | Property Tax
Purpose of Property Classification Property classification ensures fair and structured taxation based on usage and structure. It allows municipal authorities to apply differential tax rates. Classification helps in identifying eligible exemptions, rebates, or...
by Audit Analyst | Dec 30, 2025 | Property Tax
Definition of Base Value The base value in property tax refers to the standard rate or benchmark value used to calculate the tax. It serves as the foundation for determining the taxable amount under various assessment methods. It is usually fixed per square foot or...
by Audit Analyst | Dec 30, 2025 | Property Tax
Purpose of Reassessment Reassessment is the process of recalculating property tax due to changes in property details. It is requested when there are modifications in built-up area, usage, ownership, or construction type. Also applicable when the current tax assessment...
by Audit Analyst | Dec 30, 2025 | Property Tax
Definition of Usage Category Usage category in property tax refers to the declared purpose for which a property is used. It helps municipal authorities classify properties as residential, commercial, industrial, or institutional. The usage directly impacts the tax...
by Audit Analyst | Dec 30, 2025 | Property Tax
Definition of Age Factor The age factor in property tax refers to the adjustment made based on the age of the building. It is used to account for depreciation in the value of older properties. This factor helps municipalities apply a fair tax rate by reducing the...
