You must have heard about how paid Taxes are used for the betterment of the society, right? The roads that are built, the highways that decrease the distance, the public parks, hospitals, and so much more. Admit it; if you have been paying taxes, you may even take pride knowing that you have a contribution to the development of your country.
Amidst a variety of taxes, property tax is one of the substantial revenue sources for the state government. Imposed on property owners, this one tax is taken by the state government and is then delegated to several municipalities in the city.
The primary purpose behind levying this tax is to ensure smooth and efficient maintenance of a locality’s amenities, including the maintenance of roads, parks, drainages, and more. Just like every other city, Hyderabad municipality also takes advantage of the same.
If you are a Hyderabadi, read ahead and find out how GHMC property tax in your city works.
The property owners residing in Hyderabad are responsible for paying property taxes to the Hyderabad municipality, known as the Greater Hyderabad Municipal Corporation (GHMC). The municipal body makes use of these funds to facilitate public services in the city.
It further uses the annual rental value as the foundation for collecting property tax. On top of that, the GHMC tax also has a taxation slab rate for such properties that are being used as a residential space. If you are living in Hyderabad and would like to figure out the approximate value of tax that you would have to pay, a property tax calculator on the website of GHMC can be used for the same.
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As far as the exemption or concessions are concerned, they are viable in the following circumstances:
If you are liable to pay the property tax, there are some things that you must not overlook, such as:
In case you have purchased a new property, the application for the same should be submitted to the concerned deputy commissioners for the assessment. Along with the application, you are required to attach documents like occupancy certificate, sale Deed, etc.
Upon submission, a concerned authority will inspect your property physically, verify the litigation and legal title, and scrutinize the property tax according to the rates. A Unique Property Tax Identification Number (PTIN), along with a new house number, will be generated for you.
There are two different ways to pay the GHMC property tax:
For this method, follow these steps:
You can also make the payment of property tax by visiting any of the below-mentioned places:
The offline payment can be made via cash, Demand Draft or a cheque.
The Hyderabad municipality corporation has made it easier to pay the taxes. So, if you are residing in this city, figure out the total amount that you would have to pay as GHMC property tax and pay your dues on time to avoid penalties.
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