Noida is a part of the NCR region, and Greater Noida is an extension of Noida City in North India. The Municipal Corporation (MC) collects the property tax on the purchase of any commercial, industrial, or residential property. The property tax in Noida is always applied on under-construction properties; no tax is collected on the purchase of ready-to-move properties. In this information, we will understand how to pay property tax using online and offline payment methods. But before that, let’s learn how to calculate the property tax.
How Property Tax Is Calculated?
In Noida, the property tax is calculated using UAV (Unit Area Value System). Different factors are considered to calculate the exact tax applicable on the purchase of a particular type of property in the region. You can use a smart tax calculator using a trusted real estate online portal. The standard formula for property tax calculation is:
{Property Tax = Built-up Area x Rate Per Sqm x Age Factor x Usage Factor x Building Type x Floor Factor}
Key Factors To Be Considered While Calculating A Property Tax
These are the key factors used for evaluating the exact property tax that is applicable to the purchase of a property in Noida. The authorities always consider these factors while collecting tax on property purchase in Noida. Make sure you have a basic understanding of these factors.
- Age Factor
This factor considers the age of a property as a multiplier in calculating the property tax and offering tax exemptions to senior citizens.
- Build-up Area
The total built-up area of the property is considered one of the key factors to calculate the exact tax payable. It is usually measured in square metres. However, in other states, it can be measured in other terms as well.
- Floor Factor
It is also considered and used as a multiplier in the tax calculation formula for how many floors are constructed on the targeted property. Accordingly, the space is measured.
- Occupancy Status
Another important factor to be considered is whether the property is self-occupied or whether it is purchased for rental purposes.
- Rate Per Square Meter
The base rate is fixed by the local municipal authorities to calculate the rate per square meter against the purchased property. The base rate can vary as per location preference and type of property.
- Type Of Property
One of the key multipliers is the type of property. It is evaluated by the local authorities whether the property is commercial, industrial, or residential.
Pay Property Tax Online
The property owner can make the property tax payment online while sitting at home. If you don’t know how to do it, you can either visit a trusted online property portal or you can follow these key steps.
- You need to visit the official website of the municipal corporation and locate the ‘House Tax’ or ‘Property Tax’ option to open the form.
- Now, enter your Property ID in the directed column, the same property ID that was mentioned in the last property tax form.
- Here, in the next step, you need to select the Assessment Year for which you want to pay the property tax.
- You need to verify the due tax amount and the property for which you want to pay the tax.
- Now, select the payment method; debit card, credit card, online banking, or UPI payment (if allowed).
- After making the tax payment, you can take the printout of the receipt as a digital proof of the paid tax.
Property Tax Payment Offline
If you feel comfortable paying the property taxes offline, then you can follow a small process to do it correctly and to avoid any challenges.
- Visit the office of the Municipal Corporation in your area and ask for the property tax payment form.
- You need to carry all the required property documents, your photo ID, and the allotted property ID. You can refer to the old property tax receipt or the allotment letter.
- Fill in all the details in the prescribed form as per the instructions given carefully. Always cross-check the details you have filled in.
- Now, you can make the payment of the property tax amount due via cash, debit card, credit card, online banking, or a demand draft.
- After making the payment, take the printed receipt of the tax paid, and keep it as legal proof.
Late Payment Penalty
You may get penalized by the authorities in case of a delay in tax payment or avoiding paying the dues on time. The Municipal Corporation can charge some interest amount against the outstanding property tax, and in the worst scenario, officials can take legal action against you. Therefore, it is important to keep your accounts clear, and pay the property taxes timely.
Things To Remember
When paying the property tax, you should remember certain things to avoid any problems. If you still have any questions, get in touch with an industry expert. You can invest in budget-friendly, ready-to-move 3BHK flats in Noida to avoid paying property tax.
- Beware Of Frauds & Unofficial Websites
It is advisable that one should avoid using unofficial websites and property tax payment links. You can be trapped by frauds and hackers easily. Many such cases have been registered in the past.
- Be A Genuine Tax Payer
You should pay the property taxes timely to avoid any penalty or legal action against you.
- Keep The Property ID Along
You should keep the property ID with you while paying the tax, as it is required for both payment methods.
Save Payment Receipt For Future References
Always keep the tax payment receipt for future reference. It is legal proof that you paid tax for the current financial year.
Conclusion
It is important to pay property tax as and when applicable. However, it is also crucial to know before buying any property if any old tax dues are pending on the property. You can hire us to get the end-to-end guidance and professional assistance on buying a property in Noida.
