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Property Tax Rates in India

For the purpose of property tax determination, the property tax rate is normally given in percentage. Such as tax per hundred currency units for the property valued or it is also signified in the terms of per mile amount of the tax per thousand currency unit of property value is estimated. In case if there is a change in the value of the property there will be a change in the value of property tax also. UN has praised the Patna city model of property tax determination.

The Patna city Municipal Corporation has come up with the area based simplified determination of property tax.

After knowing about the worth of the property, the inspector does the property tax appraisal i.e. placing a approximate value on the property. Normally to calculate the value, the willingness of the buyer for that property is estimated. In addition to this the value of the property can be estimated by market or sales comparison method, cost approach or the income method. Under the market or the sales comparison method, a comparison is done between our properties with some other similar property in the market. In case of the cost approach method approach method the consideration to current material and labor cost is given. Mean while to calculate the income method it is estimated that how much income that property can generate and give to you. It is very important for the tax payers in India to supervise the whole allotment process. Any how a taxpayer can make an appeal if he finds any distinction regarding there tax.

In india one can easily find a tax consultant who help you thoroughly in the calculation of your property tax, knowing the due dates and deduction. They provide all the professional helps and assists in the field of property tax. for more details visit www.propertykhazana.com or contact 9535000925