Each local council that imposes a tax on buildings and lands sets the rate based on their assessed capital value. In Ratnagiri, the Rural Development and Panchayati Raj Department of the Government of Maharashtra oversees the property tax collection for gram panchayats. The property tax is collected either by the Gram Sevak, Sarpanch, or an authorised individual. Paying the property tax on time entitles the payer to a discount on the amount owed. Continue reading to discover how to pay Ratnagiri property tax.
Ratnagiri property tax rates
Here are the Ratnagiri property tax rates for buildings and lands set by the gram panchayat.
| Type of property | Per Rs 1,000 of capital value or fraction thereof | |
| Minimum rate | Maximum rate | |
| Mud or hut building | 30 paise | 75 paise |
| Brick or stone building constructed in clay | 60 paise | 120 paise |
| Brick or stone building constructed in cement or lime | 75 paise | 150 paise |
| RCC built in building | 120 paise | 200 paise |
| Vacant land | 150 paise | 500 paise |
How to calculate property tax Ratnagiri?
The property tax rate in Ratnagiri for buildings and land is determined based on the capital value of the property. The calculation method is as follows:
- If the annual value rate for a building is not provided in the rural area’s statement of rates, the capital value of the building is calculated using the following formula:
Capital value of building = {(area of building × annual value rate of land) + (area of building × rate of construction based on building type × rate of depreciation)} × weightage of the building according to its use.
- If separate annual value rates for buildings in rural areas are specified, the capital value of the building is calculated using this formula:
Capital value of building = area of building × annual value rate of building × rate of depreciation × weightage of the building according to its use.
- For the capital value of land, considering the annual value rate, the calculation is done using the following formula:
Capital value of land = area of land × annual value rate of land.
How to pay Ratnagiri property tax?
Ratnagiri property tax, administered by the gram panchayat, will be collected either by the Gram Sevak, Sarpanch, or another authorised individual appointed by the panchayat. A property tax receipt will be issued by the collector for every payment made.
When to pay property tax Ratnagiri?
The deadline for paying gram panchayat property tax in Ratnagiri without incurring a penalty shall be within the first six months of the financial year. Paying before the deadline entities taxpayers to a rebate of 5% on the total amount payable.
Ratnagiri property tax: Penalty for late payment
Taxpayers who do not settle their property tax within the stipulated deadline are subjected to a penalty for late payment. If taxpayers miss the payment deadline, they will be responsible for a penalty of 5% per annum on the outstanding tax amount.
Housing.com POV
Understanding how to pay Ratnagiri property tax is essential for residents and property owners. The property tax rates are determined based on the capital value of buildings and land, with specific rates for different types of properties. The Rural Development and Panchayati Raj department of the government of Maharashtra oversees property tax collection, managed by gram panchayats. Payments can be made through authorised individuals, such as Gram Sevak, or Sarpanch, with receipts issued for each transaction. It’s crucial to pay the property tax within the first six months of the financial year to avoid penalties, and timely payment entitles taxpayers to a rebate. Failure to meet the payment deadline incurs a penalty of 5% per annum on the outstanding tax amount. Stay informed about Ratnagiri property tax regulations to ensure compliance and avoid unnecessary penalties.
FAQs
How is the capital value of my property determined for property tax purposes in Ratnagiri?
The capital value of your property is calculated based on factors, such as the type of construction, area of the building, or land, annual value rates set by the gram panchayat, and depreciation rates.
Who is responsible for collecting property tax in Ratnagiri?
Property tax in Ratnagiri is collected by authorised individuals appointed by the gram panchayat, which may include the Gram Sevak, Sarpanch, or other designated persons.
When is the deadline to pay property tax in Ratnagiri?
The deadline for property tax payment in Ratnagiri falls within the first six months of the financial year. Paying before this deadline entitles taxpayers to a rebate.
What happens if I miss the property tax payment deadline in Ratnagiri?
Failure to pay property tax by the deadline results in a penalty. Taxpayers are liable for a penalty of 5% per annum on the outstanding tax amount.
How can I obtain a property tax receipt in Ratnagiri?
Property tax receipts are issued by the collector for every payment made. You can obtain your receipt from the authorised individual collecting the tax upon payment.
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