MCD Property Tax is a tax imposed by the Municipal Corporation of Delhi on the properties within its territory, the tax rate for 2023-2024 is 12% to 7% for residential, 20% commercial, and 15-10% for industrial property.
MCD Property Tax
The MCD released the schedule of Property tax for 2023-2024 on Wednesday. Property owners in Delhi have to pay the MCD property tax for all types of properties. This tax is applicable on all Commercial, residential, and vacant properties. The amount of tax depends on the property and property type. The MCD property tax amount is different for Commercial, Residential, and Industrial property. The MCD tax rate is given below in the table for commercial, industrial, and residential property.
|Category||Rate over per square meter area (in ₹)||Residential Property||Commercial||Industrial|
How to pay the MCD property Tax 2023-2024?
To pay MCD 2023-24 property tax, you have to go through the procedure below.
- Visit the official website portal of mcdonline.nic.in/.
- Select the online service portal option from the MCD portal.
- You will be redirected to another page where you need to select one option from the given three alternates- Zone, World, Colony.
- Select the appropriate option and click the pay property tax option.
- Existing users can log in with a mobile number. Add your UPIC after login and property details.
- Click on the pay this property option and you will be redirected to another page.
- Pay the tax amount and collect the receipt.
How to Calculate MCD Property Tax?
Tax Rate × Annual Value equals Property Tax. However, the method for figuring out the yearly worth of your property is.
The annual value is calculated as follows: unit area of the property, structure factor, unit area value per square meter, usage factor, occupancy factor, and age factor.
Property Tax= Annual Value ×Tax Rate
Annual Value= (Age factor) × (use factor) × (occupancy factor) × (Unit area of property) × (structure factory) × (unit area value per sq m)
The constructed area of the property is not included in the carpet area per square meter.
Age factor: This refers to the property’s age. It has a value between 0.5 and 1. Newer properties are subject to a higher tax than older ones.
Use factor: The price for residential properties is less than the price for non-residential buildings. It has a value of one.
Construction using reinforced cement concrete (RCC) is a structural aspect.
MCD Property Offline Tax Payment 2023-2024
The property owner must visit the local Municipal Corporation of Delhi office in their region with all property details and the Unique Property Identification Code in order to make an offline payment.
The property tax form must be taken from the counter and completed with all necessary information. Demand drafts, cash, debit cards, and credit cards can all be used to complete the payment procedure.
The clerk behind the desk will provide you with a payment receipt after the payment has been completed. Moreover, you must safeguard it for future reference.
MCD Property Tax Rebate Terms 2023-2024
- A 15% reduction on the total amount owed in property taxes is available to property owners who paid their property taxes in full within the first quarter of the year.
- 10% off the yearly cost of DDA and CGHS apartments, but only for units larger than 100 square meters.
- Get up to 30% off on a property owned by an elderly person or someone with a disability.
- Ex-servicemen receive a property tax credit of up to 30%.
- Discounts of up to 20% are available on group housing apartments.
MCD Property Tax Late Payment
There will be a tax rebate of 5% on paying taxes on or before the due date. In case the payment gets delayed from the due date there will be a fine of 1% each month by MCD on the payable amount of tax. Delhi Municipal Corporation (DMC) announced the due date of the tax payment which was 30 September 2023.
MCD Property Tax Exemption 2023-2024
There are several people and organizations who qualify for an exemption from MCD property tax which includes
- Vacant properties or land used for charity purposes, public burial grounds, heritage sites, or places of worship.
- Possessions of those killed while performing paramilitary or police service.
- Land used for agriculture or structures (excluding dwelling buildings).
- Properties held by a war widow or any recipient of the Gallantry Award who is utilizing the full estate for personal residence.
- Athletes who have received honors at international competitions.
- The belongings of any South MCD disabled employee.
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