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IMC property tax in Indore

With changing times, people are shifting from the pen and paper mechanism to the online mechanism. All the physical forms and applications are getting washed out by the new and overpowering e-form. There are e-forms for almost everything now. From school applications to property tax filling, we have access to e-forms. Property tax filling can take a lot of effort and time, if done via the old pen and paper method. And let’s not forget the number of mistakes people make in a form. But that is not the case with online e-forms. They are simple, to the point, and allow the customer to review all the input before they save it. E-forms are easy to access and flexible.

This extreme convenience of modern electronic forms has made is possible to use these forms in property tax filling in Indore. The IMC portal in Indore provides its customers with a self-assessment form via an online platform. This self-assessment form helps the taxpayer to determine the amount of property tax they are likely to pay.

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What is Property Tax?

Property tax is a form of tax charged by a government organisation, usually the state government organisation. In case of Indore, the property tax is maintained by the state of Uttar Pradesh. Property tax is calculated on the basis of the property that the owner possesses. The tax amount is also influenced by the location of the property and the construction mechanism. There are other factors which affect property tax, but these are the most important ones.

This tax money is utilized by the government established bodies like the municipal corporation in maintaining and sustaining basic civic amenities. Government has a lot to look after and they do it, using the tax money. Infrastructure maintenance, road maintenance, proper drainage and lighting system, all these things are taken care by the government.

Property tax is charged annually. A huge variation is seen in property tax from one state to another. Slight differences are seen even within two cities of a state. This simply indicates that no two tax laws are same. This means that property tax is largely affected by location.

Indore Municipal Corporation (IMC) Property Tax

As far as Indore is concerned, the wave of revolution has hit hard. Modernisation and urbanisation are in progress and soon, Indore would be on the few developed cities in India. With such a rapid change, there is a hike in the development of property. Many more properties are coming into sight with each passing day.

This brings us to the question- How to pay property tax?

IMC, acronym for Indore Municipal Corporation, supports both online and offline methods of tax filling. Everyone is aware of the off-line method as it has been available since ages. But the online, e-filing method is new and not many people know about it.

One can find the form easily on the official website of IMC. It is simple procedure and in no time, you will be paying your taxes. The introduction of e-form is still in infancy, but it is becoming popular day by day. People have started using online methods to file taxes for simple reasons. E-filling is less time consuming and you can do something productive in the remaining time. In e-filling method, there is zero chance that you will lose your papers or misplace the form. A digital form is always present in your computer, and this has made things easier for so many people. Online tax filling portals allow civilians to pay taxes without having to leave the comfort of their home.

Online method is simple, convenient and also indoors. This is a reason behind the popularity of Online tax paying methods initiated by IMC property tax Indore.

Property Tax calculation in Indore

The method of property tax calculation is simple. There are some simple steps to follow.

  • STEP 1: The first thing that one needs to do is find out the Plinth Area. PA is used to indicate Plinth Area. Plinth Area means the total area of the property. This includes garages and balconies as well. Once the Plinth Area is measures, step 2 should be followed.

  • STEP 2: The second step calls the owner to determine the rent per square foot according to the latest trends. It is important that the owner has the knowledge about current rent rates. This helps a lot in filling property taxes. The current rent per square foot so estimated is called Monthly Rental Value, or simply MRV.

    Plinth Area and Monthly Rental Value are the two things that are needed to determine the property taxes. Once these things are known, Step 3 should be followed.

  • Step 3: In step 3, all you need to do is put the values of PA and MRV in a formula.

Formula is stated below: Annual property tax (for residential property) = [PAMRV 12(0.17-0.30)] - [10% (depreciation)] + [8% (library cess)]

A huge difference in the rates of property taxes are seen in the different areas of Indore. Since the year 2015, the property tax rates for properties in Indore have ranged from 1% to 6%. The rate of property taxes is hugely influenced by the location of the property. Property tax rates divide Indore into different zones.

Search for Property Tax A/c in Indore

It is really easy to search for Indore Property Tax A/c online. There are several options available on the official website of Indore Municipal Corporation. The following things can be searched online on the IMC website:

  • You can search for your property by putting in required information like- zone, ward, colony, house number, your name and address. The official website has a list of colonies and ward numbers to assist you through the process.
  • You can search for your online receipt for property tax. You can do that using your service number.
  • You can know if you are a defaulter. If you are not sure whether or not you have paid your property tax, then simply fill in a form. Also, check if your name shows up in the defaulters list.
  • You can obtain your “No-Dues Certificate” from the property tax section by mentioning your service number. You will be given a digital copy of your “No-Dues Certificate”. You may print it out if you like.
  • You can also surf through the rate zone list and know which zone your property comes under.

Pay Property Taxes Online

Now, you can file your property tax right from your home. You do not need to go down to the municipal corporation building to do so. Although, many people are still unaware of this online service and still prefer to go and pay the tax in person. The lack of knowledge and the fear of vital credentials being stolen, stops many people from choosing the simpler and easier online method.

But this is an absolutely safe process, which is designed to make sure that you can file your property tax on time. IMC has its own portal dedicated to filing property taxes.

  • The first thing to do while filling your property taxes online is to visit the official site of Indore Municipal Corporation.

  • Once the page opens, you can see that there are many options available such as Property taxes, water charges and many more.

  • Property tax options are visible towards the left side of the webpage. When you hover your mouse over the property tax segment, it will show you the option- PAY THE TAX ONLINE.

  • Once you have clicked on- PAY THE TAX ONLINE option, it will redirect you to the payment page. Here, you will be asked to select property tax in the ledger. After you have done that, type in your service number.

  • After you have filled all the required information, just click on search.

  • The next page that opens up will display the total amount of money that you need to pay as tax. It is a simple and calculated method, so there is hardly any chance of anything going wrong. It is a safe portal.

  • In the next step, you need to select the mode of payment. IMC online property tax portal offers you many online payment methods to make things easier for you. You just need to select one of the provided options and proceed with the payment.

  • Once you have finished the payment, a confirmation along with the receipt is shown. After downloading the receipt, you can safely exit the portal.

Following these few steps, you can easily pay your property tax. What is more appealing about online method of paying tax is that neither does one need to wait in line, nor worry about office hours for paying taxes. People can pay their taxes according to their convenience from anywhere. Online tax payment methods also have a positive effect on the environment. They save a lot of paper that would have been otherwise wasted in the paperwork.

Using online payment methods is not only simple, but also has a lot of other benefits, as mentioned above.

Self-Assessment for Property Tax

The Indore Municipal Corporation website also provides its visitors with the facility of filling in a Self-Assessment form. A self-assessment form ascertains the property tax that an owner is supposed to pay. It determines the property tax considering all the factors, like location and built.

Self-Assessment service allows the taxpayer to examine all previous tax payments. This helps him in knowing when to file the next property tax or if has he overlooked any mistake in his previous property tax filling.

After clearing every required category, the taxpayer can obtain a “No-Dues certificate” for his property.

Frequently Asked Questions

What is a property assessment?

Property assessment means assigning specific value to properties. It is done to ensure that similar properties have similar value. Property assessment only extends to land and improvements made on the land. It does not include personal belongings.

What is property taxation?

Property taxation demands the owners to pay a certain amount of money in the form of tax to the government body- municipal corporation. The amount of tax is determined on the basis of the location and the built area of the property.

Why does everyone need to pay property taxes?

The money that is gathered in the form of tax is spent for the welfare and upliftment of the locality. It is used to improve civic amenities and provide people with better public services. Therefore, it is very important to pay property taxes.

How is property assessed?

The government hires an assessor who determines the total worth of the property after carefully analysing all the aspects of a property. There are certain guidelines that they need to follow, according to the government.

How is property tax calculated?

Property taxes for residential areas is determined using the formula :

Annual property tax (for residential property) = [PAMRV 12(0.17-0.30)] - [10% (depreciation)] + [8% (library cess)]

Does higher income tax assessment mean more property tax?

This is not necessary. Property tax are carefully calculated and higher income tax assessment does not influence property tax that much.

How to know how much tax to pay?

IMC provides self-assessment services. You can easily determine how much tax you need to pay. All you need to do is fill in the self-assessment form and IMC will provide you with information regarding your property tax.

How often should property tax be paid?

Property taxes are paid annually.

How safe is online property tax payment?

Property taxes payment online is extremely safe. The best thing about online tax filing is that it is simple and convenient. Also, you can do it whenever you find time. You do not need to wait in line anymore, or even visit the municipal corporation branch. You can file all your property taxes online from anywhere you want and whenever you feel like.

What all documents can you access online regarding Property Tax?

On IMC portal you can access many of your documents. This include your property information, defaulters list and online tax receipt. You can also print out your “No-Dues Certificate” which is available online. You can access all your documents online and make sure that you are not on the defaulter list.