mcgm.gov.in Payment of Property Tax Online in Mumbai
The Property tax in Mumbai is collected by the Assessment & Collection Dept. of the MCGM Municipal Corporation of Greater Mumbai. The tax calculation system is based on the Capital Value of the Property and the capital value shows the market value of the property. Earlier it was based on the Rateable Value System.
Steps of paying Property Tax Online in Mumbai:
<@> The tax payer need to follow some steps and the steps of paying property tax online in Mumbai are given below:
<@> First you need to go to the website of Municipal Corporation of Greater Mumbai that is www.mcgm.gov.in
<@> Click on the link ‘Property Tax’ which is available at the left side of web portal.
<@> After clicking on the link, a new page will open up where you have to enter your Property Account Number to login to your account. This property account no. is mentioned in your property tax bill.
<@> Now on the new page your property tax details will be recovered and displayed on the screen. You will get an option of making payment annual or half yearly.
<@> Now enter the amount that you want to pay against property tax payment.
<@> Then click on Online Payment. Presently only net banking facility is available. <@> You can make only property tax payment through net banking only and no credit/debit card payment is available till now.
<@> Login with Internet banking ID and Password. It will take you to the transaction page.
<@> Now transfer the desired amount from your account and confirm the transaction in order to complete the whole process.
<@> Now the system will generate a payment receipt. Take a print out of it for future reference.
To do the calculation of Mumbai property tax, the tax payer can use a calculator which must be based on the capital value system. The property owner who have any property can even use a simple calculator to obtain the amount of your tax.
There are two methods by which you can calculate your Property Tax in Mumbai:
1. Capital value of your property can be obtained by using the below formula
Market value of the property (x) the total carpet area (x) weights for type of construction (x) weights for age of the premise
2. Property tax due for the specific year can be get by using formula
Capital Value of the Property (x) current property tax rate (x) weight for user category