Property tax is an annual sum that a property owner pays to the government annually or semi-annually. The local authority or municipal corporation of an area evaluates and levies the property tax. GHMC (Greater Hyderabad Municipal Corporation) collect property tax from property owners in Hyderabad. The collected sum is utilised for social improvements like the construction and maintenance of roads, hospitals, schools, parks, etc.
Read on to know what is GHMC property tax, tax calculation, online payment, due dates, the penalty for non-payment and conditions when tax is exempted.
GHMC (Greater Hyderabad Municipal Corporation) is a local government body responsible for levying and collecting taxes on the property. If you are residing or owning a property in Telangana, GHMC is responsible for collecting property tax. You can pay GHMC property tax twice a year.
To understand GHMC property tax calculation, you need to have a clear idea of each of these parameters:
Plinth area means total built-up area, including balconies, corridors, garages, etc.
GARV uses the following formula for calculation:
Plinth area x MRV (monthly rental value) in Rs. per sq. ft. x 12
Now, there are two different formulae for residential and commercial property tax.
Residential property tax calculation uses the following formula:
GARV x (Slab rate – 10% Depreciation) x 8% library cess
Commercial property tax calculation uses this formula:
3.5 x Plinth area x MRV in Rs. per sq. ft.
Follow these steps to pay GHMC property tax online:
Log in to the official GHMC portal.
Enter your PTIN, and click on ‘Know Your Property Tax dues’.
Legality of the deed and other additional documents will be checked.
Verify all details visible on the screen and select your preferred payment option. Enter your payment details carefully and complete the transaction. Collect or download GHMC property tax receipt after that.
GHMC property tax dues are usually collected bi-yearly on October 15 and July 31.
You have to pay a penalty of 2% on the remaining amount if there is a delay.
Rebates are rewards for those who pay taxes in advance and win in a lucky draw manner. It encourages the payee to clear all dues within the given timeline.
If you want to find your GHMC property tax details online, go to the online payment portal of GHMC. Then, click on ‘Search Your Property Tax’ under the ‘Property Tax’ tab, and enter the circle number and property details such as PTIN, door number, and owner’s name to know tax payment details.
There are certain exceptional circumstances wherein GHMC exempts a property from taxes or concession. The following are such circumstances:
To make the property tax assessment system user friendly, GHMC has introduced a new system for its citizens to assess their taxes. However, it would help if you keep these pointers in mind:
There is an option for self-assessment as well. You can submit a new assessment application along with all the details, which will help the owner to get an estimated property tax value. The online application will be forwarded to the Deputy Commissioner, after which a Tax Inspector/Officer will visit the property for a physical evaluation. After completion of the inspection, the authority levies the applicable tax rate and allots PTIN.
Among a few new initiatives of GHMC property tax, the one regarding the construction of ‘green buildings’ has a great influence on the environment as well as on the citizens. Buildings with rainwater harvesting installation and rooftop solar installation for power generation will enjoy tax incentives.
Ans. If you want, you can pay property taxes offline via a cheque or demand draft drawn in the name of ‘Commissioner, GHMC’. The draft can be submitted at any of the following:
State Bank of Hyderabad
Citizen services centre
Ans. Any of the three following methods are used to calculate property taxes by the authorities:
Annual rental value system
Capital value system
Unit area value system
Ans. The tax levied on the profit earned by selling a property is known as the capital gains tax on property. Note that no tax is applicable on the capital gains if the entire amount is utilised to buy a new property within 2 years.
Ans. In many countries, a tenant has to pay the property tax. But in India, the property owner has to pay the taxes. If an owner is making you pay so, you can sue him/her in civil court.
Ans. No, the Central Government does not determine property tax. It is levied by the local municipalities or organisations alike. The property tax is based on the property value. The valuation and rates of taxes differ from one municipality to another.
Are you looking to buy that house you’ve been eyeing 🏠 and you need a loan of up to ₹5 crore. Install the Navi app now and get instant in-principle approval right away! Interest rates starting at 8.74% p.a.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
|Home Loan Interest Rate||Home Loan EMI Calculator||Home Loan Tax Benefits|
|Home Loan Prepayment Calculator||Minimum CIBIL Score For Home Loan||How to Apply for Home Loan|
|Home Loan Prepayment||NBFC Home Loans In India||Home Loan Stamp Duty|
|Home Loan Balance Transfer||Home Loan Types||Home Loan Process|
|NRI Home Loan||Home Loan Insurance||Benefits of Joint Home Loan|
|Documents Required For Home Loan||Top Banks And NBFCs for Home Loans||Home Loan For Women|
|Home Construction Loans||Home Loan Sanction Letter||Loan Against Property Interest Rates|
Best Home Finance Companies (HFCs) in India 2023Housing Finance Companies (HFCs) are Non-Banking Financial Companies (NBFCs) that specifically cate... Read More »
Housing Loan Interest Rates in 2023: Formula, Calculation and ChargesWith RBI increasing its repo rate to 6.25%, lenders have increased their home loan interest rates t... Read More »
Get Home Loan In Dharwad – Interest Rates and How to Apply OnlineDharwad, located in the north-western part of Karnataka, is a developing industrial hub of the stat... Read More »
How to Apply for a Home Loan in Bangalore – Interest Rates and Eligibility CriteriaGetting a home loan in Bangalore wouldn't be too difficult if you have the repaying capacity and a ... Read More »
Home Loan Repayment Calculator – Best Ways to Repay Home LoansHome loan repayment (foreclosure) refers to the complete repayment of the outstanding loan amount t... Read More »
8 Home Loan Tips You Should ConsiderBuying a home is a dream come true for many. This is a crucial decision in someone’s life financi... Read More »
Tips to Consider Before Purchasing Your First HomeBuying your first home is essential, and emotional for many in India. It is one of the most sought-... Read More »
Benefits of Taking a Joint Home Loan in India – Tax Benefits (2023)While applying for a home loan it is not mandatory to have a co-applicant. However, there are multi... Read More »
Mortgage Loan/Loan Against Property: Eligibility, Interest Rates and Things to ConsiderA mortgage loan is a secured financing option sanctioned against a property kept as collateral. Als... Read More »
RERA Telangana – TSRERA Services, Registration Process and FeesOn 31st July 2017, the state government of Telangana notified the TSRERA or Telangana State Real Es... Read More »
Loan-to-Value Ratio | Working, Calculation, Guidelines and ImpactThe loan-to-value (LTV) ratio is a risk evaluation method used by financial institutions and l... Read More »
All information is subject to specific conditions | © 2023 Navi Technologies Ltd. All rights are reserved.