Patiala: Patiala Municipality Corporation has introduced a new system of property taxes. Property tax would be calculated by the Unit Evaluation Committee of Patiala Municipal Corporation (MC). The unit values of the properties will be fixed on per square meter according to five categories defined by the state government.The five categories are namely:
- Commercial Posh Areas
- Residential Posh Areas
- Planned and Unplanned City Areas Including Walled Areas
- Colonies in Outer Areas
- Poor and Slum Areas
Property tax rates for:
- Posh areas (commercial-cum-residential) – Rs. 58 per square yard per annum
- Posh areas (residential) – Rs. 27 per square yard per annum
- Planned or unplanned city residential colonies, including the walled city areas – Rs. 15 per square yard per annum.
- Colonies in outer areas- Rs. 11 per square yard per annum
- Slums or other poor areas- Rs. 8 per square yard per annum
All these rates are only applicable if the houses have been built in the last 20 years, as is the case with most houses.Certain parameters like age, usage, type, structural and occupancy factors will be taken under consideration before calculating the tax.Tax for residential properties will be 1% to 5% of the total unit value of the property. For commercial properties (including shops and various private institutions) it will be 1% to 15%. For empty plots property tax will be between 0.25% and 1%. For marriage halls, malls, three and four star hotels it will be 1% to 20%. Property tax will be calculated on the total area on which construction has been done and not the vacant parts of the property. However if the building utilizes less than 25% of the total area then tax has to be paid on the entire plot as per rates. This rule has mainly been made targeting the super rich who own houses surrounded by vast gardens or fields.According to estimates, the Municipality Corporation will earn an extra revenue of Rs. 60 crore which will make it self sufficient. However all these rates fixed by the Municipality Corporation will be finalized only after they are published to invite people’s objections. займ на карту без отказов круглосуточновзять кредит онлайн