by Audit Analyst | Dec 29, 2025 | Property Tax
Definition of Property Tax Assessment Property tax assessment is the process of determining the taxable value of a property. It forms the basis for calculating the amount of property tax payable. The assessment is carried out by the local municipal or tax authority....
by Audit Analyst | Dec 29, 2025 | Property Tax
Assessment and Valuation of Properties The municipal corporation is responsible for assessing the value of all taxable properties. It determines the tax base using methods like annual rental value, capital value, or unit area system. Zoning, property usage,...
by Audit Analyst | Dec 29, 2025 | Property Tax
Availability of Payment Receipts Yes, property tax payment receipts are issued by all municipal bodies. Receipts are provided for both online and offline payments. They serve as official proof of payment for the specified assessment year. Digital copies are available...
by Audit Analyst | Dec 29, 2025 | Property Tax
Applicable Tax System in Chennai The Greater Chennai Corporation (GCC) follows the Annual Rental Value (ARV) system for property tax assessment. Tax is based on the estimated annual rental income the property can fetch. The system applies to both residential and...
by Audit Analyst | Dec 29, 2025 | Property Tax
Definition of Capital Value System The capital value system calculates property tax based on the market value of the property. It reflects the current worth of the land and building combined. This method replaces older systems like annual rental value in many cities....
