Things to Know About Property Taxes in Noida

September 14, 2021
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Know Property Taxes in Noida

Often coined as home tax, a property tax is an annual local tax paid to the Municipal Corporation or local government. Also, calculating house taxes differ by area, and property tax in Noida is figured based on the property’s annual assessed value.

Property tax is a chief source of revenue for Indian municipalities and development agencies. It is an annual levy that consists of any fees, including lighting, water, and drainage. Yet, the method of home taxes calculation may vary by area. Property tax in Noida, for example, is based on the property’s annual assessed value.

How to Calculate Property Tax in Noida?

Property tax in Noida is calculated as a percentage of the property’s annual assessed market value. This amount gets used to finding the tax value, which counts diverse other parameters. It includes the property’s location, basement space, and type of occupancy, building usage, size, and age.

Importance of Paying Property Tax

Property taxes need to be paid by persons who hold a tangible real estate asset, such as an apartment, a commercial structure, or a land lot. This tax is added to the municipal fund; used to maintain local civic facilities such as roads, sewage systems, parks, and streetlights, among other things.

This tax is in receipt form which is a vital document to apply for a house loan. Non-payment of the housing tax can result in penalties and likely legal troubles.

How to Pay Housing Tax in Noida?

You can pay your house tax in Noida by visiting the municipal corporation’s office or applying online at the Noida authority’s official website. You must send a completed application form to the rules along with payment in cash, DD, or Challan. Do not forget to collect the payment receipt as proof of the tax paid after paying the fee counter.

Further, In Noida property tax can be paid online and for that – 

  • Go to https://www.noidaauthorityonline.in/ to access the online site.
  • Go to the citizen’s interface and select “property related services” from the drop-down menu.
  • Fill in the required info to become a member.
  • Now fill in the user id and passcode to log in.
  • Enter the property’s data to determine how much housing tax you’ll have to pay and how long you’ll have to pay it.
  • Also,pay the required fees, as well as any arrears, using a credit/debit card or Net Banking.

The house tax amount paid is valid for one year.

Exemptions on Property Tax

Religious organisations and government properties, including foreign embassies, are exempt from property tax in all 50 states. Apart from this, the following groups are eligible for property tax exemptions.

  • Disabled people
  • Senior citizens
  • Member of the family of Martyrs of Indian Army, Fire Brigade, BSF, CRPF, and Police personnel
  • Navy and Army or any other person employed in Defence services
  • Owners of educational institutes
  • Agricultural landowners

Penalty for Non-Payment of Property Tax

Delays in property tax payments are punishable by authorities all around the country. Depending on where you live, you may be required to pay a monthly penalty of 1-2% of the outstanding balance.

It is the owner’s responsibility to pay the house tax on time. Also, non-payment of property taxes can pose problems when selling a home because no one wants to buy a home with outstanding debts.

Conclusion!

In a nutshell, property tax principles, factors & fundamentals are vital to one who wants to invest in property. Delaying it can lead to heavy penalties. So, we advise not to ignore the importance of property tax.

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