Tnreginet guideline value 2024 pdf download - Guideline value tells about the base value of the property by the government. The guidance value may change for the preferred property base on the locality facility of the property. Mostly minimum value is offered by the government for the fired property. Government revise the guideline value depending upon the market rates on daily basis update. It vary significantly from market price and developing areas and developed regions.
Purpose
The main purpose is taxation and levying stamp during transaction of property and registration charges. Stamp duty is a tax imparted on legal documents. During registration charges are applied for registering for that too guideline value is calculated.
It differ from one city to another or one region to another region. It also affects the overall cost involved. Buyers and sellers need to satisfy the negotiable price value including tax and soon. When the guideline value is failure to declare the correct transaction value penalties are said to be paid. It plays a crucial role in real estate business.
Documentation can be made by review the taxation and local revenue offices.In some cases guideline value may be higher or lower than the market price. The highly dynamic or rapid changes can be done depending upon the market price.
It can be accessed and revised by the government authorities only. It may be based on the classification of properties such as residential, commercial, industrial and agricultural. It is also influenced by local factors like Transportation, healthcare, educational institution and etc.
Property owners may need to pay annual tax comparison with the guideline value of the property. The value is certified by the surveyors. Failing to pay the money during registration it legally penalize. Property buyers and sellers should get an advice from real estate agents.
It may also between one country to another country due to difference in international comparison of guideline values. It also plans for long term property planing strategies and affordable housing initiative and support community growth. In financing filed loan to value ratio also influence the economic states. Cultural land makes and historic properties can assign special guideline values.