Faridabad Property Tax
Tax paid after the ownership of the Property in Faridabad, A one of the main revenue sources for MC`S.
MC`s Cover following:-
a)Committee
b)Corporation.
c)Council
Urban planning including town planning. Regulation of land-use and construction of buildings. Water supply for domestic, industrial and commercial purposes. Public health, sanitation conservancy and solid waste management.
Taxes for Residential, Commercial, industrial, institutional, government Properties and vacant land situated within the limits of Municipal Coproration are assessed for Tax. Therefore as the the directive measures of the government Individual Property owners assessed are expected to pay the Faridabad Property Tax. The Taxes depends on the size of the ownership of the property.
Property Tax is assessed once every five years whereas supplementary assessment is made every year and citizen may object to assessment. Hence being the responsible Citizen of India Every property owner of faridabad should pay Property Taxes on Timely.
Faridabad Property Tax for Muncipal Corporations
| Houses/Floors | |
| Area(in square yard) | Rate(in Rs.per square yard) |
| Up to 300 sq.yard | Rs. 1 per square yard |
| 301 to 500 sq.yard | Rs.4 per square yard |
| 501 to 1000 sq yard | Rs.6 per square yard |
| 1001 sq. yard to 2 acres | Rs.7 per square yard |
| More than 2 acres | Rs.10 per square yard |
A Floor wise Rebate of 40% on First floor, 50% on second floor and above and 50% on basement on the ground floor property tax rates.
If a complete building is owned and occupied under single ownership.
If Floors owned by different owners of the faridabad property Tax then Each Floor calculated at the same rate as applicable to the ground floor.
| Flats | |
| Area (in Square Feet) | Rate (in Rs per Square feet) |
| Carpet Area Upto 2000 | Rs 1 |
| C.Area 2001 to-5000 | Rs 1.20 |
| Carpet-Area More than 5000 | Rs 1.50 |
| Note: Faridabad Property Tax for Common facilities/Buiding to be calculated as per Area Under Different Usage. | |
Vacant Land
| Vacant land Residential/Commercial | |
| Plot size (In Square Yard) | Rate(in Rs.per square yard) |
| Up to 100 sq yard | Exempted |
| Upto 500 Sq Yard(Industrial/Institutional) | Exempted |
| 101-500 sq yard | Rs. 0.50 |
| 501 and above | Rs. 1 |
| 101 Sq Yard & above (Commercial) | Rs 5 /Year |
| 501 Sq Yard & Above (Industrial/Institutional) | Rs 2 /Year |
Commercial Property – Faridabad Property Tax for Shops (Ground Floor)
Commercial properties with plot size more than 1000 square yard shall be assessed as “Commercial space”.
If the Commercial shop or part thereof is rented/Leased out then the property tax of 1.25 of the above rates for that area.
| Area(in square yard) | Rate(in Rs.per square yard) |
| Up to 50 | Rs. 24 |
| 51 to 100 | Rs. 36 |
| 101 to 500 | Rs. 48 |
| 501 to 1000 | Rs. 60 |
Floor wise Rebate of 40% on First floor, 50% on second floor and above and 50% on basement on the ground floor property tax rates.
Furthermore Basement to be used for parking purpose are exempt from levy of property tax.
Commercial Spaces (Office spaces,Shopping Malls, multiplexes etc.)
| Area(in square yard) | Rate(in Rs.per square yard) |
| Up to 1000 sq yard | Rs.12 per sq yard |
| More than 1000 sq yard | Rs.15 per sq yard |
Industrial Property Tax
| Plot size (Sq yard-Acres) | Rate(in Rs.per sq yard) |
| Upto 2500 Sq Yard | Rs.5 |
| 2501 to 2 Acres | Rs.2 |
| 2 Acres to 50 Acres | Rs 2 |
| Above 50 Acres | Rs.1 |
Institutional Properties
| Area(in square yard) | Rate(in Rs.per square yard) | |
| Institutional Size | Commercial | Non-Commercial |
| Up to 2500 square yard | Rs. 12 per square yard | Rs 10 |
| 2501-5000 square yard | Rs. 18 per square yard | Rs 12 |
| More than 5000 square yard | Rs. 24 per square yard | Rs 15 |
Educational Institution |
|
| Upto 1 Acres | Rs 10,000/ Year |
| 1 – 2.5 Acres | Rs 1.50 Lakh/Year. |
| 2.5-3 Acres | Rs 2.50 Lakh/Year |
| More than 5 acres | Rs 5 Lakh/year |
- Institutional (Commercial) Property Would Cover all Institutions being run for Profit.
- Institutional (Non-Commercial) Property would cover all research Institutions and all other not for profit Institutions.
- Any Portion of the institution being run on rent or otherwise for commercial activity would be separately charged on institutional (Commercial) rates.
Rebate on Faridabad Property Tax
- Those who have already deposited, the access amount if any, adjusted against future property tax liability without interests.
- 25% rebate and one-time tax waiver on dues.
- Additional 1% rebate on digital payments.
- One time rebate of 30% is allowed to those property owners who clear all their property tax dues/arrears within 45 days of notification of the rates.
- Rebate of 10% to those assesses who pay their total tax for the assessment year by 31st July of that year.
Penalties
- In case of wrong Declaration Penalty equal to the amount of tax evaded shall be liable.
- In case of late payment, Interest @1.5% per month or part thereof shall be charged.
- Interest also will be charge if found with wrong declaration along with penalty.
- Penal Interest should not exceed the initial liability.
For More Information visit official website – Click here