Managing your property taxes in Vadodara is now simpler than ever, thanks to the online payment facility available to property owners. The revenue from your Vadodara property tax payments facilitates the development and maintenance of the city’s infrastructure. But, were you aware that fulfilling this civic responsibility can unlock the opportunity to leverage your property to meet your financial requirements? With a Bajaj Finserv Loan Against Property, you can access substantial funds that can be a financial cushion in times of need.
Key components of property tax in Vadodara
Several key factors are considered in the calculation of Vadodara property tax:
- Annual rate: A fixed rate per square metre per annum set by the Municipal Corporation of Vadodara.
- Taxable area: This constitutes the carpet area of the property.
- Location factor: Based on prevailing market value, the city is divided into four classes.
- Age factor: The age of the property plays a significant role in deciding its tax rate, with newer properties attracting a higher property tax.
- Usage factor: Typically residential properties have a lower tax rate levied on them in comparison to a commercial or industrial property.
- Occupancy factor: The amount of tax owed is also impacted by whether the property is occupied by the owner or rented out.
Methods to calculate property tax in Vadodara
There are several steps involved in the calculation of Vadodara Property tax:
- First, the annual rate must be determined
- Then, the taxable area must be calculated based on the carpet area
- The factors mentioned previously (location, age, usage, and occupancy) are then considered
- The property tax is then calculated by computing the above
Exemptions and deductions in Vadodara property tax
Exemptions and rebates are available for certain property owners and circumstances. For instance, in case of advance tax payments, the Vadodara Municipal Corporation offers a rebate. There is also a rebate scheme to facilitate the settlement of pending taxes. Other examples include the exemption that exists in case of a calamity that leaves the property unoccupied or destroyed, such as a fire or an earthquake.
How to pay property tax in Vadodara online
Visit the official Vadodara Municipal Corporation website to pay your Vadodara property tax online. You will need to select the property tax option among the online services offered. You can either search by owner name or address or enter your Property ID. Once you verify the property details and the tax amount, choose your preferred payment method and proceed with completing the payment.
Advantages of paying property tax
Punctually paying your Vadodara property tax brings with it several benefits. Not only are you contributing to developing and maintaining your city’s infrastructure and public services, you are also fulfilling your legal and civic obligations. Doing this enhances the value of your property, which you can make the most of with smart funding options like a Bajaj Finserv Loan Against Property.
Benefits of loan against property
Why opt for a loan against property from Bajaj Finance to meet your need for funds? Here are some compelling reasons:
- Access high-value loan amounts of up to Rs. 10.50 crore*
- Competitive interest rates
- Flexible repayment tenures of up to 15 years*
- Streamlined online application process
- Basic eligibility criteria
- Quick disbursal within 72 hours* of approval
You can also transfer your existing loan against property to Bajaj Finance and gain from better terms, minimal documentation, and fast processing.
With no end-use restrictions applicable, this valuable financial tool can be the solution for any of your expenses, planned or unplanned. So, why wait? Apply today!
