A crucial part of owning property in the vibrant city of Madurai is understanding how property tax works. Paying your Madurai property tax online is a hassle-free way to fulfil your civic duty, ensuring the development and maintenance of the city’s infrastructure. Beyond that, though, it’s a testament to your ownership of a valuable asset, which can be leveraged in times of financial need to secure substantial funds.
A Bajaj Finserv Loan Against Property is a smart way to make your property work for you, turning your diligent tax payments into a potential financial solution.
Key components of property tax in Madurai
Madurai property tax is a complex system calculated on the basis of several factors, including:
- Property location: Properties located in prime locations, such as urban centres, usually have a higher tax rate in comparison to those in less-developed areas.
- Property size: Properties with larger built-up areas generally have higher tax rates.
- Property types: Depending on whether the property is residential, commercial or industrial impacts the property tax they attract.
- Property age and construction type: The age of the property and whether it is single- or multi-floored and its occupancy status all influence the calculation of the property tax owed on it.
Clarity on these key components can help property owners better understand the rationale behind their Madurai property tax obligations. This can help them manage their tax liabilities more efficiently.
Methods to calculate property tax in Madurai
Madurai property tax calculations may seem complex, but there is a systematic method that informs it, taking into consideration various factors, including:
- Property type
- Built-up area
- Base value, typically determined by the local municipal corporation
- Age of the property
- Type of construction
- Occupancy status
Exemptions and deductions in Madurai property tax
Certain property owner categories are eligible for exemptions and rebates on their Madurai property tax, such as:
- Senior citizens
- Persons with disabilities
- Educational institutions
How to pay property tax in Madurai online
Paying your Madurai property tax is easier than ever with the online payment facility. Here’s how you can go about it:
- Visit the official Madurai Municipal Corporation website
- Enter your property assessment number
- Check the tax due on your property before proceeding to payment
- Select your preferred payment method and complete the transaction
Advantages of paying property tax
When you perform your civic responsibility by paying your Madurai property tax it:
- helps fund local infrastructure and its maintenance,
- supports several community development projects, and
- ensures a fair distribution of resources among all residents of the city.
Benefits of loan against property
Another benefit of regularly paying your Madurai property tax is that you can take advantage of its market value to cater to a wide range of personal and business-related financial needs. Whether paying for a wedding, expanding your business, or addressing a medical emergency, a loan against property can be the answer.
The customer-friendly features and benefits of a Bajaj Finserv Loan Against Property make it the most compelling choice:
- Considerable loan amounts of up to Rs. 10.50 crore*, depending on your property’s value
- Long repayment tenures of up to 15 years*, ensuring ease of financial planning
- Competitive interest rates that ensure your loan isn’t a burden
- No restrictions on end-use
- Simple eligibility criteria and documentation requirements
- Straightforward online application process
- Speedy disbursal within 72 hours* of approval
You can also transfer your existing loan against property to Bajaj Finance with minimal documentation, quick processing, and better terms.
So, why wait? Enjoy the opportunity for financial flexibility to which paying your Madurai property tax entitles you. Apply for a Bajaj Finserv Loan Against Property today!
