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It is easier than ever before to pay your property tax online, provided you can calculate it accurately and navigate the proper portal.
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Property tax funded 14% of Delhi's municipal spending in 2024-25 compared with 16% in 2022-23
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The civic body, which aims to achieve Rs 4,000 crore as tax collection by November 30, has also begun sealing premises of tax defaulters.
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In a release issued on Wednesday, it said the assessment and collection department has collected the amount, and the highest chunk of Rs 174.15 crore was collected in the K-West ward in western suburbs, followed by the S-ward (Rs 170.77 crore) and H-East ward (Rs 168.34 crore).
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A proposal to keep property tax rates unchanged for 2023-24 was pending before the Maharashtra cabinet and a decision was expected on Monday, after which the civic body will issue property tax bills, municipal commissioner Iqbal Singh Chahal said.
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Experts say the Silicon Valley of India needs to be more tech-savvy when it comes to property tax collection.
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Maharashtra Chief Minister Eknath Shinde on June 1 directed officials to prepare a proposal on the same. In January 2022, the-then Maharashtra Chief Minister Uddhav Thackeray made a similar announcement for waiving property tax for owners of flats measuring up to 500 sq ft.
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Earlier in April this year, Haryana Urban Local Bodies Minister Kamal Gupta had directed officials to run an awareness campaign to make the public aware of this initiative so that the maximum number of people can avail the rebate.
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Complexities that property transactions entail can be challenging to deal with for sellers as well as buyers, particularly the taxation aspect of the entire process.
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Nationals from the US, Iceland and Norway, among others, are accorded the same stamp duty treatment as Singapore citizens, based on respective free trade agreements about a decade ago.
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If the property value exceeds Rs 50 lakh, the buyer is required to deduct TDS at a rate of 1 percent of the total value and deposit it with the government.
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In new measures announced Thursday, foreigners will pay 60% tax on any residential purchase, while the rate for using an entity or a trust was raised to 65%, preventing any circumvention of the rules. Permanent residents and citizens buying their second residential property will also pay more.
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He directed officers to run an awareness campaign to make the public aware of this initiative so that the maximum number of people can avail the rebate.
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If you own property, then you must pay property tax against it. If you don’t, the municipality may issue a warrant, preventing you from transferring / selling your property.
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The region had been exempted from property tax until August 2019.
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The tax rates will be five per cent of taxable annual value (TAV) for residential properties and six per cent for commercial properties, it stated.
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With property tax being the largest source of revenue for the Bengaluru civic body, experts suggest that data-driven budgeting and efficient tax collection can reduce dependence on cesses.
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Almost half of the collections were on account of a surge in developer premium collections in financial year 2022.
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The BMC in its budget for 2023-24 has indicated a 16% hike in the property tax from the upcoming fiscal of 2023-24
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Some legal experts say property tax cannot be charged on protected monuments as the municipality is not engaged in ‘improvement on the land’. However, others say it may well be within its rights to do so for services rendered.
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Listing out a series of demands in a charter sent to the AAP, BJP and Congress, the trade body pointed out that 100 wards in Delhi are dominated by traders.
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SAMRIDDHI, an acronym for Strengthening and Augmentation of Municipal Revenue for Infrastructure Development in Delhi, will start on October 26 and end on March 31, 2023, with no further extensions.
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Chief Executive John Lee could include the measures in his maiden policy address later this month, according to people familiar with the matter, who asked not to be identified because the deliberations are private.
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The collection is not even 10% of the estimated collection of Rs 7,000 crore in the entire fiscal of 2022-23.
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MCD provides a rebate of 15 percent in property tax if the amount due for the current financial year is paid in lump sum.
