A Guide On Property TaxJune 16, 2018
Property tax is a recurring charge levied by the local authorities on the owner of a property.
Here is a guide on property tax and the factors associated with it.
Calculating property tax
Property tax is determined based on factors such as location of the property, size, whether it is ready-to-move-in, gender and age of the property owner and civic facilities provided by the municipal body or local authorities.
Why to pay property tax
For every property, the local authorities provide services like water supply, sanitation, road maintenance, garbage removal, drainage and other civic facilities. The fund for these services are obtained from the property tax. If the tax is not paid, the authorities may refuse to offer these services, while also initiating legal action against the owner.
Importance of property tax
On occasion of a property dispute, the property tax receipt is vital to prove the property ownership as the owner is held liable for paying the property tax. Also, when buying a property, the title of the property should be updated in records. And until the dues are not cleared the name cannot be transferred to the new buyer. If the name is not updated in the records, the tax receipt will also show the name of the previous owner. A property tax receipt is also used as proof of property ownership to get the property registered in the owner’s name. It is also a key document to submit for availing loans against the property.
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