Chennai property tax computation formula
Posted on: 28/Mar/2019 11:26:30 AM - No. of views : (2398)
Half yearly property tax is a percentage of Annual value and 10% library cess on property tax. Percentage of half yearly property tax is as follows:
|
Particulars |
Half yearly
property tax percentage |
|
Annual value
between Re 1 and Rs 500 |
3.75% |
|
Annual value
between Rs 501 and Rs 1000 |
6.75% |
|
Annual value
between Rs 1001 and Rs 5000 |
7.75% |
|
Annual value
above Rs 5000 |
9% |
- Annual value of land and building
Chennai property tax computation takes into consideration following factors in arriving at Annual value
- Plinth area *Basic rate per Sq ft = Monthly RLV � Assuming 100 as plinth area and 1 Re as basic rate monthly RLV is Rs 100
- M>Monthly RLV * 12 = ARV � Rs 100 *12 = Rs 1,200
- Deduct 10% from ARV attributable to value of land � Rs 1,200 � 120 = Rs 1080
- 90% of ARV less 10% depreciation on building � Rs 1080 � 108 = Rs 972
- Depreciated value of building plus 10% value that was attributable to value of land =Annual value of land and building � Rs 972 + Rs 120 = Rs 1092
To put it otherwise, 10.92 is the common factor for calculating annual value for all buildings. To arrive at Annual value of any building, multiply MRV with 10.92.
Formula for arriving at ARV of superstructure only 10% *(MRV*12)
- Method of computing Annual value is different in case of special type of buildings such as, nursing home/hospital/star hotels and lodging house/cinema theatre/kalyana mandapam
