The majority of municipal corporation’s revenue is from property taxes. You must pay property tax to the government each year to ensure the maintenance of your locality and to get uninterrupted utility services. If you are paying property tax for the first time, it is natural to have queries like what is occupancy factor in property tax and more. I am explaining it here, please go through it carefully and let me know in the comments below if you have any more concerns.
Pay your utility bills on time with NoBroker Utility Payment serviceWhat is the meaning of the occupancy factor?
Occupancy factor, if simply put, is the status of the property. It could be self occupied or rented out. The occupancy factor is 1 if the apartment is privately owned, whereas it is 2 if it is rented.
What are the various terms used in property tax calculations?
1) Structure Factor
The building's structural strength is taken into account while calculating the structure factor. The structure factor for pucca structures is 1, for semi-pucca structures, it is 7 percent, and for kuchcha structures, it is 5 percent.
2) Square Factor
Small apartments with an overall covered area of less than 100 square metres will have a flat factor of 0.9 given to the estimated annual value.
3) Unit Area Value
Depending on the type of your house, the unit area value is computed in Rs/sq m. The unit area value for a category A home is 630 rupees per square metre. The unit area value for a category B home like yours is 500 rupees per square metre. In Delhi, there are eight different types of residential colonies, ranging from A to H.
4) Age Factor
The building's construction period is used to calculate the age factor. For example, the age factor is 1 if your home was built after April 1, 2000. The age factor is 0.9 if the building was built at any time during the financial years 1990-1991 and 1999-2000. The age factor is 0.8 if the construction took place at any time during the fiscal years 1980-1981 and 1989-1990.
I hope you understood what is occupancy factor in property tax.
Read More: What is the use factor in property tax? Various factors affecting the valuation of the property? What is property tax in India?
What is occupancy factor in property tax?
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2022-12-26T18:23:23+00:00 2023-09-21T15:29:40+00:00Comment
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