{"id":19307,"date":"2013-06-25T11:09:50","date_gmt":"2013-06-25T05:39:50","guid":{"rendered":"http:\/\/www.bharatestates.com\/blog\/?p=19307"},"modified":"2020-06-15T04:02:52","modified_gmt":"2020-06-14T22:32:52","slug":"mumbai-property-tax","status":"publish","type":"post","link":"https:\/\/www.bharatestates.com\/blog\/mumbai-property-tax\/","title":{"rendered":"Mumbai Property Tax"},"content":{"rendered":"<p><em><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-19309\" alt=\"BMC\" src=\"https:\/\/www.bharatestates.com\/blog\/wp-content\/uploads\/2013\/06\/BMC.jpg\" width=\"300\" height=\"250\" \/><\/em><b>What is property Tax?<\/b>Property tax is a levy on property paid by the owner to the government or the municipal corporation. The tax is levied by the government or the Municipal Corporation of the jurisdiction in which the property is situated. The property tax must be paid to the respective government organization like State Government, Municipal Corporation etc. The property tax is calculated depending on the market value of the property. The paid property taxes are used for the infrastructure development in the city by the respective government authorities.<b>Property tax in Mumbai<\/b><b><\/b>In earlier days, property taxes in Mumbai were calculated by Rateable Value System. This system calculates the property taxes based on the maximum amount of rent fetched by a property in a year. The Brihanmumbai Municipal Corporation has chosen the Capital Value based property assessment and tax calculation system. The capital value based system calculates the property taxes depending on the present market values of the property i.e. capital value. The assessment and tax collection department of the Municipal Corporation of Greater Mumbai collect all the property taxes in Mumbai.<b>How to calculate property\u2019s capital value and property tax?<\/b><b><\/b>Capital value means the Market value of the property at a specific point of time. Capital value of the property in Mumbai depends upon the stamp duty Ready Reckoner which government revises every year. The category wise capital values can change like construction, user and age. The categories have different weights and these weights are used while calculating the capital value of the property.Following formula is used to calculate the capital value of the property<b>Capital value = Base value x built up area x use category x Type of building x age factor x floor factor <\/b>And the property tax is calculated by the following formula<b>Property tax = capital value x rate of tax<\/b><b>What are the weights of the various categories?<\/b><strong>Weights for the construction type<\/strong><\/p>\n<ul>\n<li>RCC structures with or without lift and bungalows will have the weight factor of 1 unit<\/li>\n<li>Semi permanent structure or Chawls will have o.60 weight factor.<\/li>\n<li>The land which is under construction or vacant will be of 0.50 weight factor.<\/li>\n<\/ul>\n<p><b>Weights for User category<\/b><\/p>\n<ul>\n<li>If the property is used for hotels and similar structures then it will be considered of high weight factor of 4 units<\/li>\n<li>Properties used for Shops and offices will have the weight factor of 3 unit<\/li>\n<li>Properties with factories and industries on it will be considered of 2 unit factor<\/li>\n<li>Residential and charitable properties will have factor of 1 unit.<\/li>\n<\/ul>\n<p><b>The age factor of the buildings\/properties<\/b><\/p>\n<ul>\n<li>Buildings constructed after 1985 will have the age factor of 1.00<\/li>\n<li>The age factor of the buildings constructed between 1942 t0 1985 will be 0.90<\/li>\n<li>The age factor for the buildings constructed before 1940 will be 0.80<b>\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/b><\/li>\n<\/ul>\n<p>The above mentioned weights are subjected to change without any prior notice, kindly refer BMC before calculating your property tax.<b>What are the main highlights of the new property tax system?<\/b><\/p>\n<ul>\n<li>Property tax once fixed, it will not be revised for five years and after five years the increase in the property tax will be restricted to 40 per cent only.<b><\/b><\/li>\n<li>Property tax levied on the properties will be the same for both owner occupied property and property given on leave or lease or rent.<b><\/b><\/li>\n<li>Property taxes will be calculated at the rates of 0.316 percent to 2.296 per cent and this rate will be decided depending on the use of that property.<b><\/b><\/li>\n<li>Apart from the property tax, other taxes such as education cess, employment guarantee cess, repair cess and other taxes will be charged separately.<b><\/b><\/li>\n<li>Residential units with greater than 500 sq ft carpet area will pay two time of the old tax or the tax which is calculated by new system, whichever is less<b><\/b><\/li>\n<li>Residential units with less than 500 sq ft carpet area will pay the taxes as per the old system<b><\/b><\/li>\n<li>Non residential units will have to pay three times of their existing tax or the tax calculated by the new system, whichever is less<b><\/b><\/li>\n<li>The market values defined by the Ready Reckoner will hold importance for all the properties existing in Mumbai.<\/li>\n<\/ul>\n<p><b>What will happen if you don\u2019t pay the property tax on time?<\/b>If the property owner fails to pay the property tax on time, then the owner will have to pay penalty of 2 per cent on the outstanding amount for every outstanding month. This penalty will be imposed by BMC on the property owners. The late penalty for a complete year will be charged about 24 percent of the total outstanding property tax amount.<b>How to pay Mumbai property tax online?<\/b><\/p>\n<ul>\n<li>Click on the \u201conline services\u201d button on the home page of the BMC website<\/li>\n<li>You will get option<\/li>\n<\/ul>\n<ol>\n<li>Pay Property Tax<\/li>\n<li>Pay Water Bill<\/li>\n<li>Pay Octroi<\/li>\n<\/ol>\n<ul>\n<li>Click on Pay Property Tax, it will redirect you to the new page.<\/li>\n<li>Enter the important SAC Number from the property or home tax invoice of past transaction then sign in.<\/li>\n<li>After reading the circumstances choose agree to. This will direct you to a new page.<\/li>\n<li>Choose the invoice you wish to pay from the pending bills main list.<\/li>\n<li>Select the payment option by which you want to pay the transactions and you will be attached to the respective option.<\/li>\n<li>Login with your Internet banking details and you will be redirected to the bank web page.<\/li>\n<li>Complete the payment process and validate the deal to complete the whole procedure.<\/li>\n<li>System would produce an invoice in PDF format for the deal. Take a copy of the Document for the record.<\/li>\n<\/ul>\n<p>To pay your property tax online visit the official website of the Brihanmumbai Municipal Corporation<a href=\"http:\/\/www.mcgm.gov.in\/irj\/portal\/anonymous?NavigationTarget=navurl:\/\/c4b79f15e55f98176905a7c2c7d910ee\">http:\/\/www.mcgm.gov.in\/<\/a><b>What if you don\u2019t have the SAC Number?<\/b>If you don\u2019t have the Sac number then for then you can pay your property taxes at the office of the Assistant Revenue officer or at the BMC help centers.<b>\u00a0<\/b><b>\u00a0<\/b><b>\u00a0<\/b><span style=\"left:100%;display:inline-block;position:fixed\"><a href=\"http:\/\/rusbankinfo.ru\/\">\u0437\u0430\u0439\u043c \u043d\u0430 \u043a\u0430\u0440\u0442\u0443 \u0431\u0435\u0437 \u043e\u0442\u043a\u0430\u0437\u043e\u0432 \u043a\u0440\u0443\u0433\u043b\u043e\u0441\u0443\u0442\u043e\u0447\u043d\u043e<\/a><a href=\"http:\/\/rusbankinfo.ru\/credits.html\">\u0432\u0437\u044f\u0442\u044c \u043a\u0440\u0435\u0434\u0438\u0442 \u043e\u043d\u043b\u0430\u0439\u043d<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is property Tax?Property tax is a levy on property paid by the owner to the government or the municipal corporation. The tax is levied by the government or the Municipal Corporation of the jurisdiction in which the property is situated. The property tax must be paid to the respective government organization like State Government, [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[445,433],"tags":[],"class_list":["post-19307","post","type-post","status-publish","format-standard","hentry","category-legal","category-tips"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bmc Property Tax, Pay Property Tax Online, Mumbai Property Tax<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bharatestates.com\/blog\/mumbai-property-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bmc Property Tax, Pay Property Tax Online, Mumbai Property Tax\" \/>\n<meta property=\"og:description\" content=\"What is property Tax?Property tax is a levy on property paid by the owner to the government or the municipal corporation. 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