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GVMC property tax in Visakhapatnam is levied by the Greater Visakhapatnam Municipal Corporation (GVMC). Property owners are required to pay a semi-annual tax on all their real estate holdings, whether residential or commercial, regardless of whether the property is leased out or used personally. Continue reading to learn more about the GVMC property tax in Visakhapatnam.
Property owners who own real estate falling under GVMC's jurisdiction are liable to pay the GVMC property tax. GVMC uses the revenue collected through property taxes to elevate the city's infrastructure and the residents' quality of life. Here's a brief overview of where GVMC spends its real estate tax revenue:
All resident and non-resident property owners in Visakhapatnam have to pay real estate tax to the GVMC. Properties that are taxed in Visakhapatnam are:
In Visakhapatnam, property tax is calculated via the Annual Rental Value (ARV) method. Under this method, the property's rental value is assessed, and the real estate tax is calculated based on its rental earnings.
Some factors that are taken into consideration for assessing a property's rental value are:
A few major parameters that affect the property tax rate in Visakhapatnam are listed in the table below:
| Factors | Impact |
| Status of property. | For residential properties, the real estate tax rates in Visakhapatnam vary according to the ARV. Commercial properties are levied a 30% tax rate irrespective of their ARV. |
| Property's age. | New properties are levied higher tax rates than older properties. |
| Plinth area of the property. | In Visakhapatnam, the property tax rate varies according to the plinth area. A property's plinth area comprises the entire covered built-up area, including all walls and occupied area. |
| Zonal location of the property. | ARV calculation depends on which zone the property is located in. Visakhapatnam is divided into eight zones. |
Real estate owners in Visakhapatnam can pay their property tax online by following the steps described below:
After receiving your e-receipt, download a copy or a print of your property tax e-receipt for future reference. You may need to submit your Visakhapatnam property tax payment receipt in the following scenarios:
The due date to pay the Visakhapatnam property tax is typically March 31. This year, the Andhra Pradesh government extended the property tax due date to 30th April. To encourage property owners to clear their property tax dues before this date, a 5% discount is also being offered.
In Visakhapatnam, property tax defaulters may be levied a fine of 2% on the outstanding property tax amount. This penalty is charged until all the pending property tax dues are cleared.
Quick payment of your Visakhapatnam property tax is essential for the following reasons:
| Reasons | Explanation |
| Legal Proof | With a property tax e-receipt, you can establish ownership easily in case of a property dispute. |
| Home Loan Approval | Prompt property tax payment improves your credit score. You may get approved for a higher home loan. |
| Claim Approval | Pending property taxes may cause delays or rejection of your home insurance claims. |
*Pro Tip: To avoid processing delays or rejection of your home insurance claim, always make sure that you clear your property tax dues in Visakhapatnam.
Here's how Visakhapatnam property owners can get help with paying their real estate taxes: