Fair Value Of Land In Kerala And Process To Pay Land Tax

Fair Value Of Land In Kerala And Process To Pay Land Tax, Fair Value of land in Kerala was fixed to avoid confusion, speculations and varied property prices in the state. This is an initiative taken by government and based on which stamp duty and registration charges are paid on property transactions, to the Kerala Property Registration Department.

This fair value of land is also applicable on flat for sale and houses, where additional fee has to be paid for construction after adjusting against depreciation.

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How To Check The Fair Value Of Land In Kerala?

Follow this step-by-step procedure to check fair value of land:

Step 1: Visit IGR Kerala official portal and make a key note of all the information.

Step 2: From the drop-down menu, select the district, RDO, taluk, and village as these fields are mandatory.

Step 3: Now select Desam, land type, block number, survey number and other necessary information. But these are not mandatory fields.

Step 4: Finally, click on ‘View Fair Value’ and you will be redirected to a new page, and the results will be displayed on the screen.

Please note that the department is not responsible for the incorrectness of the data on the website. Therefore, all users should verify the original notification issued by the RDOs/collectors, for confirming the rates mentioned on this website.

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Difference Between Market Value And Fair Value

Fair Value of a property for sale or land is under state government and is fixed them whereas; the market value is set by the marketplace, based on the overall demand and supply scenario.

Fair value is taken into consideration for calculating stamp duty and registration of deeds, if the declared transaction value is lower than the fair value of land.

The consideration amount or fair value, whichever is the higher amount, that amount will be used to calculate stamp duty and registration charges in Kerala.

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Applicability Of The Fair Value Of Land

In transactions where the sale deed was executed by the parties prior to the revision of the fair value, the valuation only needs to be done as per the fair value existing on the date of execution of the document and the stamp duty for the purpose of registration will be calculated accordingly.

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Stamp Duty And Registration Charges In Kerala

Stamp duty and registration charges are vital whenever a property purchase is done. The stamp duty in Kerala is levied on the fair value or the value of the consideration (declared property transaction value, as on the sale agreement and sale deed), whichever is higher.

For example, if the fair value of the property is Rs 70 lakhs and the consideration value is Rs 65 lakhs, then, the stamp duty and registration charge will be calculated on the fair value.

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Stamp duty in Kerala

Gender----------------------------Stamp duty rates

Male-----------------------------------------8%

Female---------------------------------------8%

Joint (Male + Female)-----------------------8%

Joint (Male + Male) -------------------------8%

Joint (Female + Female) --------------------8%

Registration charges in Kerala

Gender---------------------------Registration charges

Male------------------------------------------2%

Female----------------------------------------2%

Joint (Male + Female)------------------------2%

Joint (Male + Male)---------------------------2%

Joint (Female + Female)-----------------------2%

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There is huge cut in the stamp duty and registration charges as announced by the state’s finance minister TM Thomas Isaac. Now, the stamp duty on sale deeds has been reduced from 8% to 4% and the registration fee from 2% to 1%.

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Land tax in Kerala

Paying land tax in Kerala is a simplified process and can be done online in just few clicks. The Kerala Revenue Department has introduced a web-based application for revenue, integrated with registration. Revenue Land Information System (ReLIS) is the app is used to make the payment online. On this portal users can register and pay their land taxes online. And once, the payment is successfully done, they can also get a soft copy of the payment receipt.

You can calculate the exact rate of land tax by contacting the local tehsildar office or through the revenue service’s portal.

Area---------------------------Extent-----------------------Rate

Corporation--------------------------Up to 2 acres----------------Rs 2 per acre

Corporation-------------------------Above 2 acres----------------Rs 4 per acre

Muncipality/ township---------------Up to 6sacres----------------Rs 1 per acre

Muncipality/ township---------------Above 6 acres----------------Rs 2 per acre

Panchayat----------------------------Up to 20 acres----------------Rs 0.50 per acre

Panchayat----------------------------Above 20 acres----------------Rs 1 per acre

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How To Pay Land Tax Online In Kerala?

1. Firstly, visit the Revenue e-Services portal and get yourself registered.
2. Now, login once you have registered.
3. Then, you move ahead and go to New Request.
4. Select ‘Land Tax’ option and fill in all necessary details as required.
5. Click the ‘View and Add’ button and make sure the details are filled correctly.
6. Click to submit the request.
7. After verification of the submissions, an approval message will be sent to the registered mobile number.
8. After receiving the approval message, Login and select My Request and click the ‘Pay Now’ button.
9. You can download the receipt after paying the amount.
10. To pay taxes in subsequent years, after signing in, select ‘Transaction History’ menu, click the Pay Now button.

Property Tax In Kerala To Be Linked With The Fair Value Of Land: Latest Update

As per the latest news update, the recent orders issued states that the property tax assessment in urban local bodies in Kerala will soon be linked to the fair value of the land. On February 12, 2021, the Local Self-government Department notified the reassessment, through a legal order.

The Urban Affairs Department has prepared a list of basic tax rates and fair values for buildings of various categories, like residential properties, commercial purpose, industrial purpose, educational purpose, hospitals, theatres, assembly buildings, resorts, amusement parks and mobile towers.

The basic tax rate based on fair value has been fixed for buildings for commercial purposes in the range up to 100 sq m, above 100 sq m and up to 200 sq m, and above 200 sq m.

Earlier, buildings were assessed, based on the annual rental value. Later, a new rule was introduced in which the tax was collected based on the support area.

In February 2020, the Kerala government announced a hike in the fair value of land by up to 30%, in areas where large-scale projects had been identified. The entire exercise will attract more revenue from stamp duty payable on property buying and selling. A lot of realtors have been opposing and protesting the move, as the total cost of construction would go up considerably leading to less profits. But the industry experts say the decision to hike fair value is a retrospective step. Further, pulling down an industry that has been struggling, post-demonetisation, the floods, the employment crisis in the Middle-East and now, the unfortunate Coronavirus pandemic.

Apart from this, regular home buyers who buy plots for house construction would have to shell out extra for purchasing the land.

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