Pune Property tax is the second-highest source of revenue for the Pune Municipal Corporation (PMC). The municipal body imposes taxes on properties based on their location, and it has more than 6 lakh properties under its purview. It aims to increase its range even more with the Graphic Information System (GIS) technology.
Pune property tax is levied on constructed properties as well as vacant lands across the area governed by the PMC. It is calculated according to a property’s carpet area, using a capital value-based system.
PMC uses the following formula to compute property tax in Pune:
Property Tax = Capital Value x Rate of Tax
Capital Value = Base Value x Use category x Building type x Built-up area x Age factor x Floor factor
The municipal corporation offers an online calculator that can help calculate property tax online. Enter the following details to calculate the amount:
The PMC property tax bill can be settled both online and offline. In the next section, take a look at the step-by-step guide in relation to both these modes of payment.
Here are a few steps to follow to pay property tax online -
Alternatively, property tax can be paid offline by visiting any of the 30 ward offices of PMC or a Citizen’s Facilitation Centre managed by the municipal corporation. Moreover, one can also visit any authorised bank branch to pay Pune property tax offline.
Pay the amount due in any one of the following ways:
For property taxpayers in Pune, it is essential to be aware of the following details -
Due date: The due date for the first half of a financial year, i.e., from 1st April to 30th September, is 31st May. However, for the second half of a financial year (1st October to 31st March), the date is 31st December.
Penalty: In case of delay in the payment of Pune property tax in the financial year’s first half, the PMC levies a penalty of 2% per month from June 1st. If an individual delays the payment in the second half of the financial year, the municipal corporation imposes a penalty on a monthly basis, from January 1st onwards.
Rebates: If an individual pays the entire amount of the property tax payable before May 31st, the following rebates will be made available to them:
Individuals can claim tax exemptions on properties used for worship or religious purposes. Further, properties registered with the charity commissioner as a charitable institute or trust do not come under the purview of property tax. Another important point to note is that property tax is allowed as a deduction from the taxpayer’s house property income during a financial year.
In Pune, if a property doesn’t fall in the range of the Pune Municipal Corporation, the Pimpri-Chinchwad Municipal Corporation (PCMC) assesses it to give it value and collects property tax.
Most aspects in relation to Pune property tax is similar in the case of PMC and PCMC. However, there some distinguishing factors which are discussed below.
Online tax payment procedure: If a property comes under the purview of PCMC, the owner must pay property tax by following the below steps.
Concession: On paying the entire tax amount for the financial year by June 30th, a 10% concession on general tax is available. Furthermore, a 50% concession is applicable on general tax if the property owner is an ex-serviceman, women, or freedom fighter (or his wife). Moreover, a 40% rebate is available if a property is owned by individuals with more than 40% disability.
Note that both PMC and PCMC have different property tax rates. Find out more about these rates by visiting their respective official websites.