What is Property Tax? Know Why It is Important to Pay

Avatar of Ekata Samantaray
What is property tax
What is property tax

Residents living in a city or town have to pay property tax. But do you know why property tax is imposed? It is also known as real estate tax. It is used as a fund to provide services like road maintenance, education, sanitation etc.

What is the Benefit of Paying Property Tax?

First of all, you need to know that depositing property tax gives benefits. The special thing is that you can deposit it even sitting at home. The amount of tax you have to pay depends on the cost of the property. If you deposit property tax on time, you can also avoid paying the penalty. Property tax is paid on an annual basis. Delay in payment attracts a penalty of up to 2 per cent in the form of interest on the amount.

How to Pay Property Tax?

Many times the question arises in the mind of tax payers that how can they pay tax easily? To deposit the tax, you can go to the municipal corporation office or the respective banks of your area. In the present time, most of the municipalities also provide online facility on the authority’s website for tax deposit. By visiting this website, you can fill the details of your name, your location, net income of the owner, type of property etc. On the basis of this, you also get exemption on the tax levied. You have to provide the account number to identify the property.

Keep These Things in Mind

When property tax defaulters are found, their houses are seized. Apart from this, things belonging to them are also confiscated. Also, tax is recovered by selling them. Not only this, a case is also registered against such persons in the court. In some circumstances, he can also be sent to jail.

If you have some questions related to our story, then you should tell us in the comment box below the article. We will keep trying to provide correct information to you. If you liked this story, then do share it. Stay connected with ultranewstv to read more such stories.

Previous Post
Museum in Delhi

World’s Largest Museum in Delhi

Next Post
Remembering The Formidable Figure; Phoolan Devi on Her Birth Anniversary

Remembering The Formidable Figure; Phoolan Devi on Her Birth Anniversary

Related Posts
Outfit Ideas for Girls Best Street Foods in Chennai Apart from Idli Dosa Laddu Gopal Winter Dresses Kalibadis to Visit in Delhi this Durga Puja Sawan Mehndi Design