Rebate on Property Tax!
Property tax or house tax is a tax charged on a property by the governing authority of the area in which the property is located. The owner of the property is obligated to pay the tax to the government authority. The tax is based on the value of the property. The property tax is often given in percentage and is paid annually. The property tax is one of the main sources of revenue for the government. With the increase in the private developers across the country, the individuals end up paying dual fees in terms of maintenance charges in the colonies and property tax to the government.
Recently, the Municipal Corporation of Gurgaon (MCG) has decided to give upto 50% rebate on property tax because of the high cost of living. Now, instead of Re. 1 per sqyd the property owners will have to pay 50 paise per sqyd. The plots measuring 250 sqyd to 300 sqyd can have the benefit of 50% rebate and the owners of plots measuring 350 to 500 sqyd will avail 40% rebate. Property owners with plots bigger than 500 sqyd will get 30% rebate.
Property taxes are also determined by what is the purpose of a property, i.e. whether it is used for residential or commercial purposes. The amount of tax can change from one year to the next for various reasons. Failing to pay the taxes on time invites a penalty and some interest charges. When the property tax is paid, the owner receives an acknowledgment receipt, which is essential for tax records as well as for showing proof of payment.