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Buying a new home is an experience full of emotions, and calculations.
You set a budget, search for the right home loan, and plan for down payment and EMIs. This is the classic financial planning of a homebuyer.
However, some homebuyers go a step further and calculate the yearly property tax they would incur on their new home as well. Some do it just to stay informed of the tax amount, some do it to calculate savings on income tax, while some do it to compare return on their investment versus tax.
So whatever your reason may be, we thought of offering basic information of Pune Municipal Corporation’s (PMC) property tax, to keep you well informed while buying a property.
Introduction To PMC Property Tax
In September 2016, the PMC made reforms in the property tax assessment process. This initiative was started with the objective of identifying unauthorized and illegal properties and to increase revenues for the city’s development. The PMC began verifying size of properties through Geographic Information System (GIS), verifying their documents, assessing values of properties based on their location, and levying tax.
Calculation Of PMC Property Tax
Property tax depends on four major factors- type of property (Residential, Non-Residential, Mixed, Miscellaneous, Industrial or Open Land), carpet area of the property, ready reckoner rates of a property (government valuation), and type of construction (RCC, Simple or Shed).
A simple formula is used by PMC to calculate property tax:
Property Tax = Tax Rate x Capital Value
(Capital Value = Base Value x Built-up Area x Usage x Building Type x Age Factor x Floor Factor)
While some developers can provide you the final tax amount of a particular property, you can visit PMC’s website and calculate tax to verify it yourself.
Documents Required For Assessment Of Property Tax
There are two types of documents that are needed-
1. Documents establishing ownership of property (any or multiple of the below ones depending on your case)
2. Documents issued by Building Permission Department (any or multiple of the below ones depending on your case)
Procedure to Pay Property Tax Online in Pune
Paying property tax online in Pune is a straightforward process designed for ease and convenience. First, visit the official Pune Municipal Corporation (PMC) tax payment website at propertytax.punecorporation.org. Once there, you'll be prompted to choose a payment option, such as RTGS/NEFT or UPI. After selecting your preferred payment method then fill in the necessary property details, including your PETH ID, section ID, property type, and account number. This will land you on the payment page relevant to your chosen method. Complete the transaction as guided by the payment gateway. After successful payment, you will receive a confirmation message, and you can download or print the receipt for your records.
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How to Get a Pune Property Tax Receipt?
Getting a property tax receipt in Pune can be done through multiple methods. The most convenient way is online via the PMC’s official website. By logging in or registering, you can enter your property details, verify the tax amount, make the payment, and immediately download or print the receipt. Alternatively, you can visit a PMC office or authorized payment centres to pay your tax and receive a printed receipt. Additionally, PMC’s mobile apps offer a digital solution for both payment and receipt collection, making the process even more accessible.
How to Submit the Property Details for Tax Calculation and Payment?
To ensure accurate property tax calculation and payment, it’s essential to submit your property details to the PCM. This process begins with filing a request with the PMC, along with necessary documents such as the building plan, ownership documents, and the occupancy certificate. These documents provide essential information for tax assessment. After submission, an authorized official will verify the details, and once approved, your property information will be updated in the PMC’s system. It is important to check that these updates are reflected online to avoid any difference in future tax calculations and payments.
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Timelines For Paying Property Tax
The PMC has mandated two timelines for paying property tax in a year-
You will be charged a penalty of 2% per month if you make a payment beyond the due date.
Property Tax Bill
There are three ways you can get your property tax bill-
Tax Payment
You can pay property tax in four ways-
This is just the basic information related to property tax. If you would like to explore it in detail, you can visit propertytax.punecorporation.org/faq to read about the frequently asked questions and answers.
Also, if you are buying a property at Amanora Park Town, feel free to visit and ask us any queries related to property tax. We are committed to make your homebuying experience hassle-free.
