KMC or Kolkata Municipal Corporation was formed in the year 1876 and it responsible for taking care of the civic infrastructure of the city. KMC administers 185 sq. km area of Kolkata City. Property taxes are one of its main sources of revenue and for this reason they have assigned some rates for the evaluation of property taxes.
The tax rates for property assessment of KMC or Kolkata Municipal Corporation is as follows:
- 11 percent tax is levied on the annual valuation of those property that exceeds Rs. 600/-. If the annual valuation of a property is Rs. 500/- then yearly tax of Rs. 55/- is charged every year on that property. Howrah bridge tax 0.5 percent is also charged along with the property taxes.
- If the annual valuation of a property is more then Rs. 600/- but less then Rs. 18,000/-, then the amount of tax is evaluated by dividing the annual value of a property by 600. The resultant figure is then added by 10 and then it is round off to the nearest first place of decimal. For instance, if annual value of a property is Rs. 1300/- then the tax is evaluated by dividing the annual value with 600 (1300/600). After dividing this, it comes to 2.16. Then 10 is added to 2.16 and that comes to 12.16, which is rounded off to 12.2 percent.
- Based on the above calculation, an individual in every year has to pay Rs. 158.60/- as property tax. Along with this, the property also has to pay 0.5 percent tax for Howrah Bridge. A quarterly rebate of 5% is allowed, if the taxes are deposited in time.
- If a property has annual value of ore then Rs. 18,000/-, then 40 percent tax is levied on the annual valuation of the property.
- If the annual valuation of a property is Rs. 20,000/-, then yearly tax of Rs. 8,000/- is collected. In addition to that 0.5% Howrah Bridge tax, which is calculated on the basis of annual value, is also added to the tax figure. In this case an individual is also eligible to a quarterly rebate of 5 percent, if the tax is deposited within the deadline.
- Different techniques are applied for the calculation of taxes for slumps.
These are the tax rates for property assessment of KMC or Kolkata Municipal Corporation. Property taxes are said to be one of the most important sources of KMC’s revenue. In this way, the tax rates for property assessment of KMC are done.