The PMC is said to cover over 10 lakh properties, including residential properties and vacant lands. For tax calculation, the corporation uses a capital value-based system and assesses the property's carpet area.
One can manually calculate PMC property taxes by using the following formula:
Property Tax= Capital Value * Rate of Tax
Capital value = Base value X Built-up area X Use category X type of building X age factor X Floor factor
The tax rates for different properties are available online. Furthermore, the capital value is different for self-occupied and let-out properties. For let-out properties, it will be equal to the rent received or the maximum municipal valuation as per the Income Tax department of India's decision.
In addition to this, one can use a PMC property tax calculator for self-assessment of property tax. Upon opening the calculator page from the PMC online portal, one will need to enter the following details:
- Property type
- Carpet area
- Usage of property
- Year of construction
- Total plinth area
Therefore, using a property tax calculator in Pune by following the above procedure simplifies the tax payment process.
To use the Pune property tax calculator, take a look here Web Link.