Property Tax Calculation Quiz
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Questions and Answers

What is the minimum percentage of general tax on rateable value?

  • 13%
  • 12% (correct)
  • 11%
  • 10%

What is the range for the capital value tax rate?

  • 1% to 2%
  • 0.01% to 0.2%
  • 0.2% to 2%
  • 0.1% to 1% (correct)

What is the additional tax for fire brigade on rateable value?

  • 0.125% to 2% (correct)
  • 0.1% to 1%
  • 1% to 2%
  • 0.01% to 0.2%

What is the range for the additional tax for fire brigade on capital value?

<p>0.01% to 0.2% (B)</p> Signup and view all the answers

Where is the provision for fire brigade tax mentioned?

<p>Both Section 63(5) and Chapter XVII (D)</p> Signup and view all the answers

Property tax is levied on which of the following?

<p>Both buildings and lands (A)</p> Signup and view all the answers

Who is responsible for determining the actual tax rate within prescribed limits?

<p>Corporation (C)</p> Signup and view all the answers

What can the tax base for property tax be?

<p>Either rateable value or capital value (B)</p> Signup and view all the answers

How is the additional tax for fire brigade classified?

<p>Added to general tax (D)</p> Signup and view all the answers

If a property has a rateable value of ₹200,000, what would be the minimum general tax amount?

<p>₹24,000 (D)</p> Signup and view all the answers

Flashcards

Minimum General Tax Rate

The minimum percentage of general tax levied on the rateable value of a property.

Capital Value Tax Rate

The range of percentages applied to the capital value of a property for taxation.

Fire Brigade Tax

An additional tax levied on top of the general property tax, specifically to fund fire brigade services.

Rateable Value

The value of a property determined based on its potential to generate income, used as a basis for property tax.

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Capital Value

The overall market worth of a property, used as an alternative tax base.

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Fire Brigade Tax Provisions

The legal provisions in the Indian Municipal Act that outline the requirements and rules relating to the fire brigade tax.

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Property Tax Scope

Property tax is a levy imposed on both land and buildings, unlike other taxes that might target only one aspect.

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Property Tax Rate Authority

The local governing body responsible for setting the final property tax rate within the limits allowed by law.

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Tax Base Selection

The choice of using either the Rateable Value or the Capital Value as the primary basis for calculating property tax.

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Fire Brigade Tax Relationship

The fire brigade tax is not a separate tax, but an additional amount added to the general property tax.

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Study Notes

Property Tax

  • Minimum General Tax: 12% of rateable value.
  • Capital Value Tax Rate: Ranges from 0.1% to 1%.
  • Fire Brigade Tax (Rateable Value): Ranges from 0.125% to 2%.
  • Fire Brigade Tax (Capital Value): Ranges from 0.01% to 0.2%.
  • Legal Basis: Both Section 63(5) and Chapter XVII.
  • Taxable Property: Buildings and lands.
  • Tax Rate Determination: Determined by the corporation within the prescribed limits.
  • Tax Base: Can be either rateable value or capital value.
  • Fire Brigade Tax Nature: Added to general tax.

Calculation Example

  • Rateable Value: ₹200,000
  • Minimum General Tax: 12% of ₹200,000 = ₹24,000

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Description

Test your knowledge on property tax calculations, including minimum general tax, capital value tax rates, and fire brigade tax implications. This quiz will cover various tax laws and examples to ensure you understand how to calculate property tax effectively.

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