The Local Property Tax is a tax payable on residential property. The percentage of property tax in India varies between 5.00% to 20%.
Type of property:
Land - in its most basic form, without any construction or improvement.
Improvements made to land - this includes immovable manmade creations like buildings and godowns.
Personal property - This includes movable man-made objects like cranes, cars or buses.
Intangible property - In the form of licenses, patents, etc.
How to calculate the annual property tax-
Property tax = base value × built-up area × Age factor × type of building × category of use × floor factor.