by Audit Analyst | Dec 29, 2025 | Property Tax
Definition of Annual Value Annual value is the estimated yearly income a property can generate if rented. It forms the basis for calculating property tax in several Indian cities. The value is determined by local municipal bodies under specified rules. It does not...
by Audit Analyst | Dec 29, 2025 | Property Tax
Availability of Online Platforms Most municipal corporations and local bodies provide official portals for property tax services. These portals are accessible via computers and mobile devices. Taxpayers can view dues, download receipts, and verify payment status...
by Audit Analyst | Dec 29, 2025 | Property Tax
Applicability of Penalty for Delayed Payment Yes, most local bodies in India impose penalties for late payment of property tax. Penalties are applicable to both individuals and institutions. The amount is typically calculated as a percentage of the outstanding tax....
by Audit Analyst | Dec 29, 2025 | Property Tax
Government and Public Institutions Central and state government buildings may be exempt from property tax. Defense establishments and military cantonments are typically excluded. Buildings used for official purposes by government departments are exempted. Some may pay...
by Audit Analyst | Dec 29, 2025 | Property Tax
General Property Tax Exemptions Yes, property tax exemptions are available in various parts of India. Exemptions depend on property use, ownership category, and local rules. These are granted to promote social welfare and reduce financial burden. Owners must apply...
