Financial Quotient

What is property tax?

Well recognised as one of the most sustainable forms of wealth tax to generate revenue for a government, property tax is a levy on ownership of any immovable property, including land. The onus of payment is on the person who has a legal or beneficial interest in the property.

The tax is payable whether the property is occupied by the owner, rented out or left vacant.

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A version of this article appeared in the print edition of The Sunday Times on May 26, 2019, with the headline 'What is property tax?'. Print Edition | Subscribe