Indore property owners must have an in-depth idea about property tax rates and payment methods. With this post, you should understand this tax and its various aspects. So, let's dive straight into it.
Property tax is a payable amount by a homeowner to the local municipal corporation. In the case of Indore, it is the IMC (Indore Municipal Corporation). The municipality then utilizes the tax collected to use in their jurisdiction to maintain and improve their civic facilities like roads, drainage system, lighting, etc.
Property tax differs from city to city, but can also differ from ward to ward in the same town. It is generally levied on real estate, i.e., buildings and land attached to these buildings.
Indore is one of the largest cities in Madhya Pradesh and is also its commercial capital. The city is known for its top-notch educational institutions and it has also witnessed quick growth, with a booming real estate sector.
The owners of these newly developed buildings shall have to bear the IMC Indore property tax, which you can choose to pay online or offline. This tax is highly influenced by the location of the property and can range from 1% to 6%.
If you want to find out how much your annual IMC property tax liability is, you can initiate property tax calculation in Indore.
Visit the official website of Indore Municipal Corporation at https://imcindore.mp.gov.in/
Here you will find the option of paying tax/charges in the middle. If you take your cursor to it, you will see the property tax option.
Take your cursor to the property tax option, after the menu opens, select the “Payment via Property ID” option. You will be directed to a new page.
On this page, enter your property ID and click on search; your payable amount will be displayed on the screen.
You can also calculate your Indore property tax manually.
For that, you need first to find out the PA (plinth area) of your property. This is the area consisting of the total built-up area, inclusive of garages and balconies.
Find out the current rate of rent per sq foot based on the market rate of the property. This is the Monthly Rental Value (MRV) per sq foot of your property.
Calculate property tax using the following formula:
PA x MRV x 12 (0.17-0.30)] – [10% (depreciation)] + [8% (library cess)]
Note- This formula can be used only for residential properties.
You can also utilise the IMC Indore property tax calculator for this computation. Now that you know how to calculate property tax in Indore, understand the payment procedure.
To simplify tax payment for the assessee, the Government of Madhya Pradesh has allowed online payment of Indore property tax, making this annual affair as easy and hassle-free as possible. You can also collect the Indore property tax receipt regardless of whether you pay online or offline.
For the property tax Indore online payment, visit https://imcindore.mp.gov.in/
After the payment is made, you will receive a reference number, which you can use for future use or to download an Indore Municipal Corporation property tax receipt. This concludes the process to pay property tax online in Indore.
Several people prefer paying their property tax offline rather than using the government portal. To initiate such a process, simply follow these steps-
You will avail an IMC Indore property tax receipt for confirmation of payment against the amount paid, and you are done for the year!
The IMC decides the property tax payment last date in Indore, and the same is published as a notice on the official portal. Typically, it is imperative to pay property taxes in advance by June 30 of every year.
If you are a property owner in Indore, all of the information provided above should help significantly. Do not forget to collect a property tax receipt in Indore.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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