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TMC Property Tax: Guide to Paying Thane Municipal Corporation Tax

Oct 21, 2022

The property tax in Thane or TMC Property Tax is a direct tax that is imposed by the Municipal Corporation Thane on residential or commercial properties in the city. The property tax in Thane or TMC Property Tax is a direct tax that is imposed by the Municipal Corporation Thane on residential or commercial properties in the city. The property tax in Thane is collected by the Municipal Corporation annually. It is one of the major sources of income for the Municipal Corporation of Thane. Let us understand in this blog, how you can pay the TMC property tax bill and how it is calculated.

Factors Affecting TMC Property Tax

Every city levies a property tax including Thane city. The TMC property tax amount varies based on several factors, some of which are listed below:

* Location: If the property you own or rented is located in a posh area, then you may have to pay a higher TMC property tax than for properties in other affordable or remote areas. * Area: The bigger your property is, the more property tax in Thane has to be paid. * Market Value: It is another important factor which determines property tax. The market value of a place is decided by the Government based on estimated value and records. * Type of building: The amount of property tax, Thane is set according to the purpose of the property. The tax rates are different for residential, commercial, institutional and industrial properties. * Age of the property: You will have to pay a higher TMC property tax bill if your property is newly built and less property tax is charged for an old construction building.

TMC Property Tax Calculation

TMC property tax rate is currently 38.67%. Calculating the TMC property tax is easy with a simple formula. As mentioned above, property tax is calculated using various factors like location, size, etc.

Thane Municipal Corporation Property Tax Calculation can be done by following this:

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. For specific zones in Thane, the property tax rate is calculated separately and all other levies are added to it in order to derive the final tax rate.

Thane Property Tax Penalty and Rebate

Property owners in Thane will have to pay 2% extra for the delay in paying tax, each month as a penalty. The taxpayer will have to continue paying a penalty until the full amount is cleared. On failure to pay the property tax, Thane on time which is within 90 days, the penalty interest charged will increase and other legal actions may be taken against the taxpayer. The government may even seize the property if owners fail to pay taxes.

TMC will also deduct the recovery expenses when you make a delayed property tax payment and then collect the outstanding TMC property tax bills.

For early taxpayers, the Thane Municipal Corporation offers rebates in the range of 2%-3% of their outstanding amount.

Details Required for TMC Property Tax Payment

Here is the information you need to make your TMC property tax payment.

* Property owner’s name
* Property type
* Property area/zone
* Property location details
* Property ID
* Property ward number

How to Pay TMC Property Tax Online in Thane?

One can quickly pay the TMC property tax online by using the official website of TMC and below are the steps:

Step 1: Register yourself on the TMC’s website and login to https://propertytax.thanecity.gov.in/ for TMC property tax bill payment every year.

Step 2: Select your preferred language to read the page, Marathi or English.

Step 3: On the home screen, enter the property details, name, address, etc.

Step 4: Click on Search and the amount to be paid will be displayed. You may use credit/debit/net banking to make the payment.

Step 5: A receipt will be generated for future reference on successful payment.

How to Download Property Tax Bill Receipts in Thane?

After you have paid TMC property tax online, homeowners must download the payment receipts.

Here are the steps to follow and get online receipts for property tax payments from the Thane municipal corporation:

Step 1: After you have successfully completed the transaction you can view the receipt

Step 2: Click on the download option in the top right corner of the page to get the TMC property tax payment receipt.

TMC Property Tax Offline Payment

You can pay TMC property tax using the traditional method as well.

Step 1: Visit the Thane Municipal Corporation (TMC) branch office or tax collection centres in the city.

Step 2: You will be asked for property details like property ID, name, and address.

Step 3: To make the payment you may give cash or use a credit or debit card and ask for the payment receipt.

Exemptions on TMC Property Tax

There are certain sections of property owners that may enjoy certain deductions on their property tax bills. However, these rules differ in cities and States. Property tax deductions are typically offered to property owners of a specific category listed below. Check if you fall under these categories before your TMC property tax bill payment:

* Property owners with disabilities.

* Female property owners.

* Senior citizens as property owners.

* Agricultural institutions.

* Educational institutions.

* Property owners formerly employed in the Army, or the Navy.
Find: Properties for sale in Thane West

Source: www.magicbricks.com