Property taxes are used to maintain and cater for the area's civic facilities. But who determines property tax rates? This assessment and the calculation of the property tax, which is usually paid annually or semi-annually, are controlled by the local municipality. Local amenities including park and school upkeep, road repairs, and other improvements are funded by this tax money.
Who Decides Property Tax Rates?
Municipal authorities determine property taxes based on the property's assessed value. For example, the MCGM is in charge of determining the property tax rates in Mumbai. Property tax is mostly calculated in three ways:
Capital Value System(CVS): The tax is assessed as a percentage of the property's market value.
The Rateable Value System (RVS), also known as the Annual Rental Value System, determines the tax based on the property's annual rental value.
The Unit Area Value System (UAS) imposes taxes on the price per unit of the property's built-up area.
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Who Determines Property Tax Rates?
Dharmesh67
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2025-05-30T09:04:21+00:00 2025-05-30T09:04:22+00:00Comment
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