Property Tax Vs. Real Estate Tax Demystified

By Investoxpert | 26 Dec 2023 | Real Estate

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Real Estate Tax India on the value of real property, which includes both land and buildings, is known as property tax. Usually determined by a proportion of the property's market value, the assessed value is determined by local governments. For local governments, property taxes are a vital source of funding as they enable them to provide basic services like public safety, roads, and schools.


All taxes pertaining to real estate are included under the more general term "real estate tax." Real estate taxes can also include taxes on the sale of real estate, taxes on real estate income, and taxes on real estate transfers in addition to property taxes.


What Is Property Tax?

The tax imposed on the value of real property is more frequently referred to in India as "property tax." Although it is less frequently used, any taxes pertaining to real estate might be referred to as "real estate taxes."


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How To Check Property Tax Online?

The majority of municipal organizations have a set procedure for paying property taxes online via their portal. There might be some exceptions to the rule, though, as certain towns might not accept online property tax payments (though this isn't the case for the majority of municipal authorities). 


Follow the steps below to pay your house tax online-

1. Go to the local municipality's official website.


2. Enter your credentials to log in. In the event that you are not yet registered on the portal, please do so before logging in.


3. Select the "Property Tax" tab.


4. Decide on the type of property and the year of assessment.


5. Complete the remaining fields with the owner's name, the property ID number, and any other pertinent data.


6. Verify the property's valuation


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How To Check Property Tax Details Online?

Here's a general how-to for checking and paying property taxes online: Go to the official website of the tax or municipal department where you live. A fast internet search will lead you to the website of the Municipality department that you have been assigned. Locate the tax payment area and choose "tax payment" for property.


The Difference Between Property Tax and Real Estate Tax

Here is a table summarizing the key differences between property tax and real estate tax:


  • Definition

Tax imposed on the value of real property is known as property tax.

Real estate taxes: A more general word that includes all real estate-related taxes.


  • Common usage in India

Property Tax- More Commonly Used in India.

Real Estate Tax- Less common, but can be used to refer to all taxes related to real property.


  • Scope

Property Tax- Limited to taxes on the value of real property.

Real Estate Tax- Covers a wider range of taxes, including taxes on the sale of real estate, taxes on income from real estate, and taxes on the transfer of real estate.


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There are two methods you can pay your property taxes online: through payment platforms or through the local municipality's official website. Taxes are due on any physical property, including houses, offices, and property rented out to other people, by any property owner or legal body.


Although the terms "real estate taxes" and "property taxes" are sometimes used synonymously, there are distinctions between them in theory. While property tax can be applied to both real estate and other sorts of belongings, such as personal property like a car, real estate tax only applies to real property, which includes land and homes built on it.


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#Real Estate Tax India
# What Is Property Tax

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