When does property tax becomes due after having an agreement for purchase of flat from a builder in PCMC?



I have purchased a flat from a builder in PCMC Pune. Full payment has been made however the occupation certificate is yet to be issued by PCMC. From which date I will be liable to make the payment of property tax to PCMC. The date of registration of agreement /date of issue of occupation certificate/ or date of formation of society.

When does property tax becomes due after having an agreement for purchase of flat from a builder in PCMC?
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3 Replies to “When does property tax becomes due after having an agreement for purchase of flat from a builder in PCMC?”

  1. In the US, the final paperwork to close the sale is handled by a title company which will pro-rate all expenses such as property taxes. They will make sure that property taxes are paid by the seller up to the date ownership is transfered, and property taxes from that day forward are responsibility of the new owner (usually pre-paid for a period of time as part of the closing process).

    I would imagine the process is similar in most other countries.



  2. Property tax is a levy issued by a government on a person’s real or personal property. The property is assessed to give it a value, and then that value is taxed. The amount of property tax owed is determined by multiplying the fair market value of the property by the current tax rate.

    The amount taxed on a given property may change over time based on a reassessment of the property’s value. Typically, property tax is not increased as the value of the home naturally increases; the value of the tax generally remains based on the value of the property at the time it was purchased. Major improvements, however, like building an addition to an existing home, or building a home on a vacant piece of land can trigger reassessment and therefore an increase in the property tax levied. Property tax laws vary by jurisdiction; to be sure of those laws that apply to a particular property, one should consult the appropriate regulatory board or a professional in the field.

    Property tax payments are due annually in most cases, although the annual amount is frequently divided into periodic installments. This may mean quarterly payments, which is common with commercial property. With homes, it is often charged in monthly installments, which may be added to mortgage payments.





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