Web
Analytics Made Easy - StatCounter

Introduction to GHMC Property Tax

Are you a property owner residing in Hyderabad? Do you think that you need to be abreast of the latest news and views pertaining to existing and upcoming taxation breakthroughs? You bet you do.

What is GHMC Property Tax? – How to Pay Online?

GHMC actually stands for Greater Hyderabad Municipal Corporation. GMHC happens to be like an autonomous civic body that intends to look after various civic duties as well as crucial taxation matters in Hyderabad. GMHC has definitely laid out some particular laws and norms to be followed.

Property owners have to be fully aware of the essential trends related to property taxes. You will find that tax assessment as part of GHMC comes or pops up as a flawless one. It is in fact as essential as LRS as well as PTI.

Why is GHMC Property Tax Levied?

GHMC property tax is levied in the Municipal areas of Hyderabad with a view to implementing the best possible reforms in the civic life. It is levied to ensure that people living in the precinct of this place get to live a highly standard lifestyle.

With the proper implementation of GHMC taxation, government seeks to ensure that local roads, civic amenities, public properties, institutions, offices as well as all other crucial parts of the society tend to remain in pitch perfect condition.

Also Read: Complete Guide on Income from House Property

GHMC is the most important resource for the local government of Hyderabad. It is a powerful and crucial fund which is used by the government to meet up with various fiscal needs of the moment in a very efficient manner.

What you need to know about GHMC Property Tax?

There are vital aspects pertaining to GHMC property tax that you need to be wary of. Here is a strong and unbiased info base on what you really need to know.

The taxation is supposed to be slated for both residential as well as commercial properties. You can check out the difference between the tax patterns by taking the tax calculator in stride.

As it comes to GHMC you cannot choose to go easy on grabbing the information part. Check out a few facts:

  • You need to have clear conception of the exact tax rates
  • Get to be informed of the total value of the property
  • Get to know the assessment steps and processes

    GHMC Property Tax: Due Date and Penalty

  • The last date for the payment of half-yearly property tax is 31 July and 15 October
  • Delay in the payment of property tax results in levy of penal interest @ 2% per month on the outstanding amount.

GHMC Property Tax Search

Step 1 – Visit Official GHMC Property Tax Search website

GHMC Property Tax Search

Step 2 – Enter PTIN No, Select Circle and Village, Enter Name of owner and Door No. Click on submit.

Step 3 – You will see the details of property tax.

GHMC Property Tax Calculation

GHMC Residential Property Tax Calculation Formula

Annual Property Tax = Gross Annual Rental Value (GARV) x (17% – 30%) Slab rate to be determined based on MRV as fixed by GHMC – 10% depreciation] + 8 % library cess

GARV = Plinth area x Monthly rental value in Rs/ sq ft x 12

GHMC Commercial Property Tax Calculation Formula

Annual Property Tax = 3.5 x Plinth Area in sq.ft. x Monthly Rental Value in Rs/sq.ft.

Monthly Rental Value/Sq ft for commercial properties is fixed by GHMC based on taxation zones/ locality and type of construction and usage.

GHMC Property Tax Payment

It is surely a great incentive that you can get with this kind of a tax pattern. While opting for GHMC property tax payment options you can choose to stay indoors and can still get the job done. Payment options are available both in NEFT as well as RTGS.

Online GHMC Property Tax Payment

Step 1: Visit Official GHMC website Online Payment portal

GHMC Property Tax Payment

Step 2: Enter your Unique PTIN No. and click on “Know Property Tax Dues”

PTIN Number is a highly confidential and vital number related with GHMC property tax. You have to be abreast of the number in this regard. It is also going to help you a lot in connection with self assessment part as well.

Step 3: Verify details of arrears, property tax, interest on arrears, adjustments etc and Select payment option from net banking, credit card or debit card.

Step 4: After selection, you will take you to payment gateway page. Login to net banking or enter your card details and make the payment.

Offline GHMC Property Tax Payment

You can make the GHMC property tax payment at any of the Mee-Seva counters, citizen service centres, Bill Collectors, AP Online Service Delivery or State Bank of Hyderabad branch. Cheque/Demand Draft should be drawn in favour of ‘Commissioner, GHMC’

GHMC Concession and Exemption Provided to NGO

It is a powerful and thought provoking aspect pertaining to GHMC property tax that you are supposed to have a considerable amount of exemption as property owners. The exemption is provided to entities that fall into the category of NGO. Apart from that religious institutions also form part of this policy. If you happen to be an ex military personnel then also you have to be furnished with this option of exemption. You will be elated to know that there is even a special provision of 50% concession along with this specific property tax.

In order to get thorough and clear with the various crucial aspects, it is highly appreciated if you are in full knowledge of the special notice systems associated with the taxation pattern.

It is in your best interests to be abreast of the latest news and happenings in the field of GHMC property taxes. By doing so, you can get your chance to win a worthwhile deal in the Fringe of the real estate. Taking the multiple aspects of GHMC property taxes into consideration, it can probably be safely wagered that it is more about pros than cons. The people of Hyderabad would definitely be on the winning side while making the payment on their respective property taxes.

GHMC Property Tax App

You can download GHMC Property Tax App in Play Store.

Share this post

Pan India Network

Our Network

Connect with our chartered accountant in your city


 

Sign up to our

Newsletter

Tax news for chartered accountants, businesses and individual.