Property Tax Benefits You Can Avail Of This Year

By Jay Dee Infra In Property Tax No comments

Property Tax Benefits You Can Avail Of This Year

In a bid to encourage home owners to pay their property taxes within time and consequently enjoy conveniences that municipal corporations thereby facilitate, authorities across the country are offering several incentives.

Let us look at what is on offer:

  • If all goes well, senior citizens, widows, physically handicapped and estranged women in Kolkata may see up to 10 per cent of relief with respect to their property tax. To make up for the loss, the Kolkata Municipal Corporation may need to introduce a utilisation fee on its land and buildings.
  • Early this year, prior to the Brihanmumbai Municipal Corporation (BMC) elections, a proposal was passed to waive property taxes for those who lived in homes sizing less than 500 sqft. Sixty per cent concession was allowed for those who lived in homes spreading 500-700 sqft. The BMC will suffer revenue loss of over Rs 500 crore to offer this incentive.

Also Read: How to buy a house under Pradhan Mantri Awaas Yojna

  • In Pimpri Chinchwad, those who do a one-time payment of property tax between July 2017 and March 2018 would receive a two per cent concession on general tax.
  • Pune gives 15 per cent tax concession for platinum-rated buildings, provided they are recertified by the Indian Green Building Council (IGBC) after three years. The government has also provides an interest subsidy on solar panels. If you have installed one, you also get a five per cent property tax rebate.
  • The BMC has launched a scheme to encourage home owners avail of its early bird offer. Those who pay the tax before June 30 (for April- September) will get a two per cent concession on the first installment, and a concession of four per cent on the second installment (for October-March). The rebate comes down if you miss the deadline to one per cent for the first installment and only three per cent for the second installment.
  • In Kerala, residential buildings within 2000 sqft and belonging to former servicemen are eligible for concessions, provided it is for only one of his property and in his own name. Such concessions are extended to all such professionals in most Indian states.

Also Read: Homebuyer With Multiple Options? These Tips Will Help You Make A Choice

  • Senior citizens with a property in their name can now avail of tax concessions in East Delhi. According to a proposal that was passed, senior citizens aged over 70 will be exempt from property tax, and those in the age group of 60-70 are eligible for 25 per cent waiver. The proposal is yet to be considered by the state government.

Source: Proptiger

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