As the owner of a property in India, you need to pay property tax online once a year. However, the property tax amount, rates and other taxation details depend on the state you own the property in. For instance, with a house or plot in Chennai, you are eligible to pay property tax Chennai determined by the local civic and municipal authorities. Property tax is a mandatory financial obligation for all property owners, failing which you will have to pay a 2% penalty on the assessed value.
The Chennai Municipal Corporation has 15 zonal divisions and for tax purpose, the properties here are earmarked into two categories, namely residential and non-residential. Shops, offices, malls and theatres are categorised as non-residential properties, while the rest are all clubbed under the residential category. As per the CCMC Act, all properties in Chennai are assessed together with the plot and the nearby premises they occupy. Added to this, the assessor also estimates the expected gross annual rent on the property, and it is added to the annual value for property tax Chennai.
This apart, the government specifies that any building that has been kept vacant for 30 consecutive days or more will have a chennai property tax online exemption. Irrespective of whether the property is rented or occupied by the owner and has been vacant, you can claim remittance only up to an amount not exceeding one-half of your total tax dues.
The basic rate on your residential property in Chennai ranges between Rs. 0.60 per sq. ft. and Rs. 2.40 per sq. ft. On the other hand, for non-residential properties the rate varies from Rs. 4 to Rs. 12 per sq. ft. Keeping these rates in mind, you can manually calculate your property tax Chennai with ease. However, in case you want to do it online, you can simply head to the official Chennai Municipal Corporation online portal to use the online services and calculate your tax dues in a jiffy.
If opting for manual calculation, the basic formulae used for chennai corporation property tax.calculation is:
Plinth Area x Basic Rate per sq. ft. + Annual rental value
From the total, the depreciation value and exemptions are subtracted to arrive at your final dues.
Plinth Area x Basic Rate per sq. ft. and say you have 1,000 sq. ft. at Re.1 per sq. ft.
Monthly rental value = Rs.1,000 per month, the annual rental value will be Rs.1,000 X 12 months – 10% for land. So, annual value for building is Rs.10,800
In case you have opted for repairs or maintenance, you can calculate another 10% depreciation for the building. On this, the annual value for land needs to be added. Assuming there are deductions for both cases, the annual value for building and land will be Rs.9,720 + Rs.1,200 = Rs.10,920.
Here, 10.92 comes out as the common for all buildings. So, all you have to do is multiply the annual rental value for any building with 10.92 to arrive at the annual value for property tax Chennai. This is the yearly chennai property tax online.
In order to calculate the half-yearly property tax in Chennai you can follow the figures listed in the table below to know the rental value percentage.
|Annual Value||Half year tax (as a percentage of A.V.)|
|General Tax||Education Tax||Total||Lib. (less)|
|Re.1.00 to Rs.500.00||3.75%||2.50%||6.25%||0.37%|
|Rs.501 to Rs.1,000||6.75%||2.50%||9.25%||0.67%|
|Rs.1,001 to Rs.5,000||7.75%||2.50%||10.25%||0.77%|
|Rs.5,001 and above||9.00%||2.50%||11.50%||0.90%|
The Chennai Municipal Corporation makes it very easy for property owners in Chennai to pay property tax online. Make your chennai property tax payment by following a few easy steps.
Keep these tax norms and easy payment of Chennai corporation property tax in mind as a property owner in Chennai.
Keeping the important factors about Chennai corporation property tax in mind, you can now go ahead and invest in a property in Chennai to enjoy maximum tax benefits. For hassle-free loan processing and affordable rates of interest, choose Bajaj Finserv. Here you can get a high-value loan against property that comes with simple eligibility terms and conditions.
You can get considerable rebates on your Chennai corporation property tax, which are as follows.
Keeping these concessions and the total value of property in mind, you can pay your Chennai corporation property tax twice a year by September 31st or by March 31st. The best part is you can pay your Chennai property tax online any time you want. This makes it easy for you to adhere to deadlines in order to avoid unnecessary fines.