Property Tax in Jodhpur: A Complete Guide
Jodhpur is a fascinating town located on the edge of the Thar desert in India’s most beautiful state, Rajasthan. The tourism industry of Jodhpur is increasing day by day. Hence, more and more people are considering investing in this beautiful Blue City.
Surana Realtors is a team of real estate advisor in Jodhpur, Rajasthan. It is an innovative real estate platform for investors and homebuyers that helps ensure your property’s success in this super-competitive market. An essential thing to consider while investing/ buying a property is to analyze the tax that comes with the property.
What is Property Tax?
Property taxes are the financial backbone of local governments. In Rajasthan, property tax is a tax levied by the Municipal Corporation on the value of a property. Property owners in the state are liable to pay property tax to the Municipal Corporation, which is regulated by the Urban Development tax Department of Rajasthan.
Property taxes vary from state to state. Property Tax is one of the primary revenue sources for Municipal Corporations; that is why the property tax imposed on a property depends on the development of the state or the city. Property Tax is imposed every year of the same month, and a citizen is liable is file a return on the same day.
Categories of Property Tax
Property taxes are categorized based on the type of property you own. The following are properties that are liable to be taxed in Rajasthan.
- Government properties
- Vacant land
Depending on your property type, you will have to pay the property tax to the municipal corporation of the state. The eligibility criteria for property tax include age- which needs to be above 18- your permanent residence in Rajasthan. Lastly, if you own a property in Rajasthan, these all factors are entitled to pay for property tax.
Surana realtors have established their stature as one of Rajasthan’s finest realtors and the best property dealer in Jodhpur, who can help you to calculate and analyze the property tax for you. Surana Realtors is ever ready to help you at your every step, all the way from registering as a property owner to actually pay your taxes.
Registration of Property Owners
The homeowner or buyer who is liable to pay tax for their property has to make a registration in the designated form to the assessing authority to the state government; this will provide you with a certificate of registration to the property owner in the prescribed format.
Payment Procedure of Property Tax
There are two ways to pay property tax and the property tax invoice in Rajasthan. Namely- online and offline. The online method includes a step by step procedure by visiting the official portal of Urban Local bodies of Rajasthan, wherein you just need to login and select the payment mode for property tax. The online payment mode screen will display where the applicant needs to give property tax bill details to make payment online. Lastly, you will receive your application number through which you generate your bill.
Whereas, in the offline payment procedure, the applicant has to approach the nearby municipal corporation office and submit the property tax invoice details to the concerned authority. Make payments to the cash counter as per the estimated amount of your property, and lastly, acknowledge the receipt to get the bill of the payment after verification.
Calculation of the Property Tax
Different municipal corporations adopt different systems to generate your payment invoice. But the most common steps to calculate the property tax are:
Annual Rental Value System
The annual rental value system does not intent the actual rent to be collected on the property but instead uses the capacity of yearly gross rent. Various factors such as the size of the property, location, and amenities are looked into while determining the property’s annual rental value.
Capital Value-based System
The capital value-based system depends upon which property tax is levied, whose market value is determined by the government and revised annually, based on the ward in which it is located.
Unit Area Value System
The unit area value system, as the name suggests, fixes the price per unit value of the built-up area or carpet area of the property.
Penalty for Not Paying Tax
Suppose an applicant forgets or refuses to pay the property tax within the specified time limit, which the municipal corporation has given. In that case, the assessing authority may impose a penalty.
It is advisable to consult an experienced firm in the real estate industry; for instance, Surana realtors has been proudly radiating the power of undaunted success since 1987 and helping customers with their taxes and investment management. Consult the best real estate consultancy in Jodhpur to know more about taxes and investment strategies.