How is Property Tax calculated

How is Property Tax calculated

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Property tax is the annual payment that a landowner or property owner pays to the local or municipal government in their area. Only “real” property, such as both undeveloped and developed land, is subject to property tax in India. The municipality in a region assesses various property types in that region to determine the appropriate tax based on market value. It also establishes the worth of its appraisal. Property tax revenue is used to maintain municipal infrastructures, such as roads and schools, and to repair roads, among other things. Property taxes range between cities and municipalities as well as between different parts of a city.

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