Tax for the property at Thane, also known as TMC Property Tax, is a direct tax that the Municipal Corporation of Thane imposes on residential and commercial properties within the city. Annually, the Municipal Corporation of Thane collects property tax, which is one of their primary sources of revenue. Today, we will get to know everything about TMC property tax and the payment should be done.
Factors Affecting TMC Property Tax
Various factors influence the amount of TMC property tax in Thane. Some of these factors include:
Location: The property’s location plays a significant role in determining the TMC property tax. If the property is in an affluent area, the tax rate will likely be higher than properties in more affordable or remote areas.
Property Size: The larger the property, the higher the property tax in Thane must be paid.
Type of Property: The purpose of the property also affects the amount of property tax in Thane. Different tax rates apply to residential, commercial, institutional, and industrial properties.
Market Value: The government determines the market value of a property based on estimated value and records, which is another crucial factor in determining property tax.
Age of the Property: Newly built properties attract higher TMC property tax bills than older constructions, which may have lower property tax charges.
Calculation of TMC Property Tax
Calculating the TMC property tax in Thane is a straightforward process with a simple formula. The current TMC property tax rate is 38.67%, and the tax amount is calculated based on various factors like location, size, age, property usage, and more.
To calculate the TMC property tax, you can use the following formula:
Property tax = Tax rate x Total carpet area/area of land x type of property x age of property x property usage x floor factor.
In specific zones of Thane, the property tax rate is calculated separately, and all other levies are then added to derive the final tax rate.
Tax Rebate and Penalty
In Thane, property owners who fail to pay their property tax on time will incur a penalty of 2% each month until the total amount is cleared. The penalty interest charged will continue to increase if the taxpayer fails to pay within 90 days, and the government may take legal action against the taxpayer, including seizing the property.
If you make a delayed property tax payment, the TMC may deduct recovery expenses and then collect the outstanding TMC property tax bills.
On the other hand, early taxpayers in Thane may receive rebates ranging from 2%-3% of their outstanding amount as incentives from the Thane Municipal Corporation.
How to Make TMC Property Tax Payment?
Follow these steps to make the payment offline:
Step 1: Visit the Thane Municipal Corporation office.
Step 2: Provide your property-related details and tax amount at the respective counter.
Step 3: Complete the payment by cash, demand draft, or cheque.
After understanding the payment procedure, you might be curious about Thane’s deadline for paying property tax. To learn about the payment deadline, read the following section.
To make a TMC property tax payment, you need to provide the following details:
- Property owner’s name
- Property ID
- Property area/zone
- Property type
- Property ward number
- Property location details
Tax levied on the property at Thane is an essential source of revenue for the Thane Municipal Corporation. To avoid penalties, paying your property tax on time, either online or offline and providing accurate property details is essential. Thane Municipal Corporation also provides rebates for early taxpayers. Property owners in Thane can ensure a hassle-free and smooth tax payment experience by understanding the property tax payment procedure and related information.