Property tax is a levy issued by a government on a person's real or personal property. The property is assessed to give it a value, and then that value is taxed. The amount of tax owed is determined by multiplying the fair market value of the property by the current tax rate. property tax (or millage tax) is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county/geographical region, or a municipality.
Following are the kinds of properties that are liable to be taxed under property tax:- Residential house (self-occupied or let out)
- Office Building
- Factory Building
- Godowns
- Flats
- Shops
- Open Plots
Required documents
| Sr.No. | Types of Property Transfer | Necessary Documents |
|---|---|---|
| 1 | Type of Flat / Property Purchase | (1) Purchase agreement, (2) Index II, (3) Share certificate of society if a society, (4) Non-Objection certificate of society, (5) Property Tax non-Objection certificate |
| 2 | Open Property | (1) Extract of 7/12, (2) Property Tax No-Objection Certificate |
| 3 | Juna Wada, Bungalow, Peth | (1) Copy of Property Card, (2) Property Tax Non-Objection Certificate |
| 4 | Register Heirs | (1) Death Certificate, (2) Will, (3) Deed of Partition, (4) Non-Objection certificate of society, (5) Gift Deed, (6) Affidavit (Regarding Inheritance), (7) Property Tax Non-Objection Certificate |
| 5 | Flood Affected Settlements | Hon. Copy of Field Register from Collector's Office and Hon. Standing Committee Resolution / Letter no. Nasja/5144, dt. 4-2-2010 Affidavit to name original owner as recovery, Income-tax no-obligation certificate |
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Frequently Asked Questions
Following documents are required for transfer of ownership of property:
- Proof of ownership (Sale Deed / Index II)
- No objection certificate given by last/original owner or from Co-op Hsg. Society
- Property tax payment receipt for the whole financial year with NOC
- Abstract of property card
- Transfer fee: as follows
- Amount Rs. 50/- (as per Standing Committee Resolution No. dt. Hon. Standing Committee Resolution No. 2441 dated 2.2.2001 taxable amount Rs. 1 to Rs. 500/- for every hundredth after Rs. 15/-, county 20/- for every change from 1 to 500/- Rs. 15/-
In case no objections are raised, it takes 15 days. In case objections are received, it takes 45 days to complete the process of transfer of ownership.
Typically registered within 15-45 working days.
The process involves:
- Prepare the form
- Signing by both parties
- Pay stamp duty (as applicable)
- Submit the document to the office
- Receive the Acknowledgement