Coimbatore Property Tax

Property tax is a tax levied on property owned by a person or a legal body, such as a corporation. Property tax is most typically a real estate ad-valorem tax, which is considered a regressive tax. It is determined by the local government in the area where the property is located and paid by the property owner. The tax is normally calculated based on the value of the property, which includes land.

Property tax in Coimbatore is computed based on the property's various dimensions. The tax rate varies depending on where the property is located, how old it is, and what type of property it is. 

Property owners in the Coimbatore City Municipal Corporation (CCMC) must pay property taxes (both commercial and residential). Every year, the tax amount must be paid. The CCMC collects the tax from property owners depending on the property's characteristics, such as its location, occupant type, construction type, usage type, occupant type, and pricing in that zone. Property tax can also be paid online in Coimbatore.

In 1981, Coimbatore city municipal corporation was elevated. The Coimbatore City Municipal Corporation was named the best municipal corporation in the state of Tamil Nadu in 2012. The Mayor and 99 other Councillors who represent the wards lead the CCMC, which is made up of 100 wards. Property taxes provide for the majority of the Coimbatore City Municipal Corporation's revenue.

The Coimbatore government website includes an online calculator that allows taxpayers to calculate their CCMC property tax and pay their taxes online. Individual tax liabilities can also be calculated by entering assessment information into the portal. The official internet website of the Coimbatore City Municipal Corporation is www.ccmc.gov.in. With just one click and a few details about the property, you may calculate your CCMC property tax online. The process of filing CCMC property tax online is quick and straightforward.

Documents Required for Filing Coimbatore Property Tax Online

For Property Tax Assessment, the following are the document you might need:

1. In the required format, submit your application.
2. Relevant documents of ownership.
3. True copies of approved plans and building permits

Documents Required for Transfer of Name for Property Tax Purposes: 

1. Submit your application in the required format
2. Attach a copy of the most recent tax payment receipt.
3. Add relevant ownership paperwork to the application
4. In the event of a will and the death of the case, a legal heirship certificate is issued
5. In the event of death, a death certificate is required

Steps to Make an Online Payment for the CCMC Property Tax

The web gateway to do so is accessible at any time and from any location. You can use the internet to look up your property tax. You can also submit your property tax application in person by bringing the application form to the office.

Here’s how you can make a property tax online payment in Coimbatore:

1. The first thing you should do is go to Ccmc.gov.in.
2. Then look for and click the link for Property Tax Online Payment.
3. Fill in the essential information and make a payment.
4. Any technique, such as UPI/Netbanking or NEFT/IMPS, can be used. Once the payment is done, a receipt will be generated. To finally complete paying Coimbatore property tax online, you can submit a printout of the receipt at the CCMC office.

Coimbatore Property Tax Calculation

The Coimbatore City Municipal Corporation Property Tax calculation factors include the base value of the land; occupancy factors, such as whether the property is self-owned or rented; property type, residential or commercial; the age of the CCMC property or the year of construction; construction type, such as multi-story or single-story, and so on.

Here is the commonly used formula to calculate property tax in Coimbatore:

CCMC Property tax = built-up area × age factor × base value × type of building × category of use × floor factor.

Coimbatore Property Tax Due Dates

Property tax payments are usually due on March 31 and September 31 of each year. If payment is not made on time, the Corporation will incur a 1% penalty each month on the amount not paid.

The formula for calculating the half-yearly tax is as follows:

Base Street Rate (BSR) x Building Area x 135.40 = Half Yearly Tax (Factor)

Exemptions from Payment of Coimbatore Property Tax

Under Section 24 of the Income Tax Act, if you own property in India, you would be eligible for two types of deductions. They are as follows:

1. Standard Deduction:If you are a taxpayer, you are entitled to a tax break if the income from your house or houses exceeds 30% of the net annual value. This income isn't taxable in that instance. When you live in your own home, however, this rule does not apply.
2. Interest paid on a loan: Interest paid on the principal amount of a house loan for the acquisition, renovation, or construction is tax-free. The amount you pay in interest over and above the principal amount is called interest. In this situation, however, you must apply for interest exemptions on the principal amount before purchasing or completing construction. Deductions will be available in five equal instalments. This section does not apply to house renovations or reconstruction