Property

Among the most well-known suburbs close to Mumbai is Thane. The Municipal Corporation of Thane has imposed a direct tax here, known as the TMC property tax, on both commercial and residential property. Municipal Corporation collects this tax once a year.

All cities levy the property tax, and Thane is no exception. TMC currently pays property taxes at a 38.67% rate. When determining TMC property tax, a few things need to be taken into mind:

• Location of Property: You can be required to pay a higher TMC property tax if the home you own or rent is in a luxury neighbourhood as opposed to homes in more rural or cheap locations.

• Carpet area in total property: Property taxes in Thane increase in proportion to the size of your property.

• Lifetime of property: If your property is recently constructed, you will be responsible for a higher TMC property tax bill, while an older building will incur a lower property tax fee.

• Types of property (Number of floors in property also matters): Thane sets the property tax rate based on the property's intended use. For residential, commercial, institutional, and industrial properties, there are several tax rates.

• Market Value: It is yet another crucial element that impacts how much property tax is assessed. The government makes a decision about a location's market worth based on records and anticipated value.

The formula used to determine the property tax is as follows:

Property Tax = Tax rate x Total area or area of land x Type of property x Age factor x Usage of   property factor x Floor factor

Each zone in Thane has a different property tax rate, which is then multiplied by additional fees to determine the total tax rate.

Process for Online Payment of TMC Property Tax

TMC has begun taking electronic payments for home tax in order to make it simple for property owners.

Residents can quickly pay property tax on the Vasai Virar City Municipal Corporation's (VVMC) website. Users can also utilize it to submit different kinds of service requests. Taxation applies to all immovable properties under Vasai Virar Municipal Corporation's (VVMC) control. The local government collects yearly property taxes from landowners in order to maintain public services. For convenience, it can be paid online through the VVMC official website.

The Vasai Virar Municipal Corporation is in charge of supplying water, drainage, and other improvements, as well as maintaining the neighborhood's cleanliness. The money obtained from property taxes is used to pay for all of the services that towns offer. If you do not pay your property taxes, the local organization may stop providing you with water or other services, and if necessary, it may even file a lawsuit to reclaim the debt. It is a substantial source of revenue for local government bodies. 

Factors That Affect the Amount of Property Tax

Property tax assessments made against a property by a local authority must be paid by the owner (such as municipalities). Property tax rates can vary significantly between municipalities and are influenced by a number of factors, such as:

• The location of the property

• The structure is finished or ready for habitation.

• Dimensions of the Property

• The owner's gender, female owners, may be entitled to discounts.

• The owners age; senior citizens receive discounts.

• Services provided by the local municipal authority in the region.

Can I estimate how much tax I must pay online?

You can use the online calculator for property taxes. To get a specific price, please provide the information below:

• Real Estate Ward and Zone (where the property is located)

• The area of the land that has been developed.

• Hospitals, open land, mixed, industrial, residential, non-residential, or hotel are all examples of property types.

• Construction technique (RCC, Simple or Shed).

• The municipal corporation's standard rent for the ward and zone.

• The possible rating value.

Can I Use VVMC to Pay the Vasai-Virar Property Tax?

• Visit the official website of VVMC.

• Locate and choose the choice for real estate taxes. You will be directed to another page.

• Fill out the tabs with information about the property you intend to pay taxes on.

• The owner, type, location, and ID of the property should all be disclosed.

• The exact information about the tax amount will be displayed on the screen. Verify the provided information, then proceed to the payment gateway.

• Pay the VVMC property tax by selecting a useful choice from the available options on the payment portal.

• A payment receipt will appear on the screen. As a receipt for the taxes you have already paid, download and print it.

• After the money has been received, a confirmation message will be sent to your telephone number, and the receipt will be sent to the email address you have on file. On the VVCMC website, zone, ward, and property numbers can also be submitted. After your property's information has been displayed, you can check the download receipt option.

Factors Affecting VVMC Property Tax

The property tax VVMC is influenced by a number of factors, such as:

• This is determined by the ward and zone of the property.

• The amount of build-up or carpeting on the property also influences the tax levied.

• A separate tax may be imposed depending on the property's characteristics. Commercial structures pay more in taxes than residential homes. Open space, houses, hotels, mixed-use complexes, enterprises other than housing, and hospitals are just a few of the alternatives available.

• RCC, a patra shed, or just a basic building are examples of construction types.

• The rent has been approved by VVMC for the same ward.

• The value of the property in terms of rates is decided. Here is the calculation:

• The standard rent, in this instance, is equal to the area divided by twelve (12) less a standard 10% deduction.

Deadline for VVMC Property Tax Payment

Property tax payments must be made by December 31. For each month that the loan is not paid after this, a 2% fee will be applied.

Benefits of Paying Property Tax Online with VVMC

The advantages of Vasai Virar property tax payments made online for VVMC are:

• Throughout the process, notice is given to the property owner and the municipal organization.

• The trustworthy portal offers information on things like property tax, resolutions, and modifications.

• Anyone with property information can pay taxes online to save hassles. You do not need to pay your taxes by going to the municipal headquarters and standing in line. Local property owners appreciate being able to pay their property taxes online through the VVMC.

• Online transactions can be completed easily by selecting one of the many accepted payment options.

• The ability to pay the VVMC property tax online will be available to everyone with access to personal information. You don't want to pay your taxes by going to the municipal building and waiting in line. For local property owners, the net VVMC property tax charge is a blessing.

How to Pay Tax in Person at Vasai Virar City Municipal Corporation's Main Office?

At one of the Vasai-Virar property tax collection centers, anyone who wants to can pay their property taxes. Visit the Vasai Virar City Municipal Corporation (VVCMC Head Office) at the Virar Police Station, located at (401) 305 Bazaar Street in the Virar East district of Maharashtra.