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Is property tax and building tax same in Kerala?

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Is property tax and building tax same in Kerala?

Property tax and building tax are two terms signifying the same thing – the annual tax that municipal and civic bodies in India impose on property, based on its annual value.

Is House tax and property tax same in India?

Both property tax and house tax are taxes collected by the Government authorities from the property owners. However, a property tax is a broader concept that covers the tax collected on various types of real estate properties such as commercial, residential or institutional properties.

How is building tax calculated in Kerala?

Kerala Building Tax Rate from 30.07. 96 are as follows….LAND TAX.

CORPORATION Till 2 R (4.94 CENT) Above 2 R Rs.2 for 1 R (2.47 CENT) Rs.4 for 1 R
MUNICIPALITY / TOWNSHIP Till 6 R Above 6 R Rs.1 for 1 R Rs.2 for 1 R
PANCHAYATH Till 20 R Above 20 R PS.50 for 1 R Rs.1 for 1 R
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What is property tax in Kerala?

The Kerala Municipality Act, 1994 empowered the Municipal Corporation to levy property tax on all buildings and land situated within the jurisdictional area of the Corporation. Property tax which constitutes about 60 per cent of the ‘own revenue’, is a major source of revenue of the Corporation.

How do you calculate building tax?

The standard formula that is followed during the calculation of Property Tax is: Property tax = base value × built-up area × Age factor × type of building × category of use × floor factor.

How can I change ownership of a building in Kerala?

Property Ownership in Kerala – 9 must have documents

  1. Land Tax Receipt.
  2. Possession certificate, Possession & Non Attachment Certificate.
  3. Location Sketch & Location Certificate.
  4. Encumbrance Certificate.
  5. Thandaper Register.
  6. Valuation Certificate.
  7. Legal Heirship Certificate.
  8. Basic Tax Register (BTR)

What happens if you don’t pay property tax in India?

Not paying property tax can have consequences for you. We will seize valuables, including furniture, from defaulters if they fail to pay their dues,” the Indian Express quoted Sangita Hasnale, assistant municipal commissioner of BMC’s assessment and collection department, as saying on 20 February.

Do we have to pay property tax every year in India?

Property tax is the amount that is paid by the landowner to the municipal corporation or the local government for his/her area. The tax must be paid every year.

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How much is the luxury tax for houses in Kerala?

As per the Kerala Building Tax Act, 1975 (KBT Act), a luxury tax is also leviable at the rate of ` 2,000 per annum on all residential buildings completed on or after 1 April 1999, having a plinth area2 of 278.7 M2 or more. The rate was revised to ` 4,000 per annum from 1 April 2014.

How is building tax calculated?

The standard formula that is followed during the calculation of Property Tax is: Property tax = base value × built-up area × Age factor × type of building × category of use × floor factor. Late payment towards Property Tax is liable for additional charges as a fine, which varies from state to state.

What happens if property tax is not paid in Kerala?

Defaulters. Well, if you have missed out on making a payment for a particular tax cycle, then you will have to pay it during the next cycle and with a heavy fine.

What is BTR in Kerala?

BTR stands for Basic Tax Register In real Estate. It is the register to kept in the village office to know the nature of property and who is the land owner. From BTR you can know it’s a agriculture land or residential land to avoid issues in future. Prev Post. Used furnitures in Thrissur for saving Money.

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What are the different kinds of taxes in Kerala?

In kerala different kinds of taxes are there. Land Tax, Plantation Tax, Building Tax, Luxury tax etc. Land tax is paid in the Village Office, Building Tax is is Panchayath, Municipality or Corporation offices.

What is the difference between land tax and building tax?

Land tax is paid in the Village Office, Building Tax is is Panchayath, Municipality or Corporation offices. When the building construction is completed for the residential purpose, if it is below 3000 sq.ft, the owner should pay a one time tax to the concerned village office.

What are the rules of Kerala building tax (plinth area)?

Rule. 12 The Kerala Building Tax (Plinth Area) Rules 55 (2) The order of assessment shall be served on the assessee as soon as the order is passed and a copy of the order shall be communicated to the concerned Village Officer also.

When does the Kerala building Tax Act come into force?

It shall come into force on the 10th day of February 1992. these rules, unless the context otherwise requires:- “Act” means the Kerala Building Tax Act, 1975. “Section” means a section of the Act.