Calculate property tax liability
Property tax = Annual Rateable Value × Tax Rate. ARV is based on property type, size, location, age, and usage (residential/commercial). Rates vary by municipal corporation, typically 10-30% of ARV.
Location (zone/locality), built-up area, property type (independent/apartment), usage (residential/commercial), age of building, floor level, and occupancy status (self-occupied/rented) all influence tax.
Common exemptions include: senior citizen discounts (10-30%), women owner rebates, early payment discounts (5-10%), properties used for charitable purposes, and agricultural land in some areas.
Due dates vary by municipality—typically April or June for annual payment. Many allow quarterly or half-yearly payments. Late payment incurs penalties (1-2% per month). Pay early for discounts.
For rented properties, property tax paid is deductible from rental income before calculating income tax. For self-occupied properties, you cannot claim property tax as a deduction under current Indian tax laws.
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