How is property value calculated in Delhi?

The formula used for calculation is as follows: Property tax = Annual value x Rate of tax Where Annual value = Unit area value per sq metre x Unit area of property x Age factor x Use factor x Structure factor x Occupancy factor. Tax rates for properties in categories A to H are published by the MCD every year.

What is House tax rate in Delhi?

For Category A – 12% tax on residential property, 20% for commercial, and 15% for industrial property. For Category B – Same as Category A. For Category C – 11% house tax, 20% tax on commercial property, and 12% tax on industrial property.

What is flat factor in MCD property tax?

Occupancy factor means whether the property is self-occupied or rented. The flat factor varies based on the total covered area of flats.

Calculation of Annual Value for Payment of Property Tax.

Year of Construction Age Factor
Before 1960 0.5
1960 to 1969 0.6
1970 to 1979 0.7
1980 to 1989 0.8
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How can I check my property tax online in Delhi?

mcdonline.nic.in is the official Website of the Municipal Corporation of Delhi. The portal offers an online payment option to its users. By visiting the mcdonline.nic.in citizens can pay property tax, water bill, House Tax, Professional Tax, Water Bill, etc.

How do I get a UPIC for property taxes?

What documents do I need to obtain a UPIC? You need to submit the ownership proof of your property at the time of data collection. It could be either a registered sale deed, conveyance deed, electricity Bill, fixed-line telephone bill, or Municipal Tax receipt.

How do you calculate the annual value of a house?

The following are the steps involved in calculating the Net Annual Value of house property: A = Actual Rent Received: For let out property, actual rent received is as per agreement between the owner and the tenant. Any payment by the tenant on behalf of the owner is also included under Actual Rent Received.

Can I claim my property taxes on my tax return?

Homeowners who itemize their tax returns can deduct property taxes they pay on their main residence and any other real estate they own. This includes property taxes you pay starting from the date you purchase the property. The official sale date is typically listed on the settlement statement you get at closing.

What happens if property tax is not paid in India?

Property Tax Interest Rate

The interest on property tax is charged when the individual fails to pay his property tax on time. The fine charged on property tax is equal to a certain percentage of the amount of the taxes due. Also, the property tax charged from the property owner varies from one State to another.

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How can I pay my previous year property tax in Delhi?

Steps:

  1. Click here and choose whether property tax need to be paid to South MCD, North MCD or East MCD.
  2. Check the box for agreeing to the terms and conditions and click on ‘Click here to file property tax _____ (year)’
  3. Choose to enter either property ID for tax paid in 2014-15, any other years and click on ‘Submit’

What is occupancy factor 2 in property tax?

Occupancy factor should be ‘2’ of rented property, whether residential or non- residential. No change in self-occupied property and occupancy factor should be’1′. Remarks: This would mean increase in occupancy factor of non-residential rented property from 1 to 2.

How is property tax calculated in Delhi?

The formula used for calculation is as follows: Property tax = Annual value x Rate of tax Where Annual value = Unit area value per sq metre x Unit area of property x Age factor x Use factor x Structure factor x Occupancy factor. Tax rates for properties in categories A to H are published by the MCD every year.

What is MCD Upic?

UPIC (Unique Property Identification Code) is necessary to register the property and pay Tax.

What is property ID?

Property identification number (PIN) is a number assigned to parcels of real property by the tax assessor of a particular jurisdiction for purposes of identification and record keeping. A PIN may also be referred to by the following terms: Property Tax ID Number. … Property Tax Number. Tax Parcel Number.