Here are some strategies you can consider:
Certain categories of properties may be eligible for exemptions or rebates. Check with your local municipality or tax authority for specific exemptions applicable in your area.
In India, property tax is calculated based on the property's annual rental value or the actual rent received, whichever is higher. However, you can claim a standard deduction of 30% of the annual value to account for repairs and maintenance.
Improving your property through renovations or additions can sometimes lead to a reassessment at a lower value, thereby reducing your property tax burden.
Properties are classified based on various factors like size, location, and usage. Ensure that your property is correctly classified to avoid overpayment of taxes.
Ensure that the information on your property records, such as its size, amenities, and ownership details, is accurate and up-to-date. Incorrect information could lead to overvaluation and higher tax assessments.
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How to lower property tax?
Rafiuddin Ahmed
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1 Year
2024-01-25T15:59:05+00:00 2024-01-25T15:59:06+00:00Comment
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