What is UAV in property tax?
As per this method, Unique Area Value (UAV) per sq ft/meter of a property is fixed with reference to its characteristics such as location, occupancy, age and structure. This UAV is then multiplied by the area of the vacant land or covered space to arrive at its annual value on which the property tax is to be paid.
How is property tax calculated on UAV?
Unit Area Value (UAV) – It is also known as Unit Area System (UAS). It is calculated based on the per square foot tax rate per month (Unit) which is fixed based on the location, street of the property (Area), and multiplied by the current property rate (Value).
How is property tax calculated in Delhi?
How to Calculate Property tax in Delhi?
- Property Tax = Annual Value * Rate of Tax.
- Annual Value = Unit area value per square meter x unit area of property x age factor x use factor x structure factor x occupancy factor.
- Rate of Tax = MCD publishes the rate of tax for A-H categories every year.
What is flat factor in MCD property tax?
Flat Factor: For small flats, with total covered area lesser than 100 sq mtr, a flat factor of 0.9 will be applied to the Annual Value which is computed. Occupancy Factor: If it is a self-occupied flat, the occupancy factor is 1, while it is 2 for a rented flat.
How property tax is calculated?
Property taxes are calculated by taking the mill levy and multiplying it by the assessed value of the owner’s property. The assessed value estimates the reasonable market value for your home. … The assessor will review all relevant information surrounding your property to estimate its overall value.
How UD tax is calculated?
Plot Area = Total area of the plot or property for which tax can be calculated. Plinth Area = Total area on which construction is done. Vacant Area = Total vacant area on the plot/property. Plinth Area may or may not be equal to build-up area.
Is Khata required for property tax?
A Khata is required to calculate the tax an individual should pay for a particular property and is an identification document which tells who is liable to pay property tax.
What is use factor in property tax?
Use Factor – This factor takes into account the usage of the property and provides for lower tax on residential use properties and higher tax on and non-residential ones. … Occupancy Factor – MCD charges higher property tax on rented out properties while charging lower tax on self occupied ones.
Who pays property tax in Delhi?
3 municipal corporations, namely, North Delhi Municipal Corporation or NDMC, South Delhi Municipal Corporation or SDMC, and East Delhi Municipal Corporation or EDMC are responsible for collecting property taxes from these categorised areas.
How can I check my property tax in Faridabad?
Ulbharyana.gov.in/WebCMS/Start/191 is the official Website of Faridabad Municipal Corporation. The portal offers an online payment option to its users. By visiting the Ulbharyana.gov.in/WebCMS/Start/191 citizens can pay property tax, water bill, House Tax, Professional Tax, Water Bill, etc.