Indore Property Tax: Overview

Property tax is a state-imposed levy that is used primarily by municipal governments to fund the upkeep of fundamental civic infrastructure in their jurisdiction. Property taxes are an annual fee that all homeowners must pay. The tax amount, on the other hand, varies from one location to the next. In Indore, the Madhya Pradesh government sets the property tax. Property tax revenue is used to maintain infrastructure, such as roads, drainage systems, and lighting, among other things.

Indore is often regarded as Madhya Pradesh’s education hub, because of its wealth of specialised technical colleges. The city was selected as one of India's 100 smart cities to be developed. Indore Municipal Corporation is the governing body of Indore, which is located in Madhya Pradesh, India. The municipal corporation, led by the mayor and responsible for the city's infrastructure and public services, is made up of democratically elected members. Members of several political parties occupy elected positions in the company as heads of state.

According to IMC, Indore Property tax payments can be made online by residents. In addition to making payments for other utilities, the Indore Municipal Corporation maintains a website where taxpayers can make payments. IMC property tax rates are determined by the property's value.

Steps to Pay Indore Property Tax Online

Property tax payments in Indore can be made online by visiting the Indore Municipal Corporation website. On the left, you'll find the Indore property tax choice. When the taxpayer hovers the mouse over this option, a list of property tax options appears, from which the taxpayer must select the online payment option. The page will reroute to the payment page. Here’s a step by step guide on how to pay Indore property tax online:

  1. Go to Mpenagarpalika.gov.in, you will see Pay taxes/charges above all else.
  2. Then select the property tax option from the drop-down menu.
  3. If you are a registered taxpayer, enter your user ID or phone number, as well as your password, on the next screen. Create a new account if you don't already have one, and you'll be able to pay your tax online.

IMC Property Tax Calculation

  • Step 1: Calculate the Plinth Size (PA). It refers to the property's total built-up area, which includes garages and balconies.
  • Step 2: Calculate the current market rate for rent per square foot. The resulting figure will be used to calculate the Monthly Rental Value (MRV) per square foot.
  • Step 3: Next, figure out how much property tax you'll have to pay using the formula below:
 

Annual property tax (in case of residential property)= [PA * MRV * 12 (0.17-0.30)] – [10% (depreciation)] + [8% (library cess)]

Taxpayers can also use the IMC site to complete a self-assessment form to find out how much property tax they owe based on their property's location, construction, built-up area, and other essential factors. It also allows taxpayers to locate their personal property tax account, check if any indore property tax payments have been missed or defaulted on, and obtain a no-dues certificate for their property.

Indore Property Tax Due Dates & Rebates

Usually, the municipal corporation property tax is to be paid in advance by June 30th of every year. IMC often gives prizes to the advance taxpayers with a 6.25 per cent discount on property tax and a 6 per cent discount on water tax.

Did you know, a good CIBIL score can help you get a better deal on loans and credit cards?