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Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .
The tax is usually accompanied by a number of service taxes, e.g., water tax, drainage tax, conservancy (sanitation) tax, lighting tax, all using the same tax base. The rate structure is flat on rural (panchayat) properties, but in the urban (municipal) areas it is mildly progressive with about 80% of assessments falling in the first two slabs.
Housing tenure is a financial arrangement and ownership structure under which someone has the right to live in a house or apartment.The most frequent forms are tenancy, in which rent is paid by the occupant to a landlord, and owner-occupancy, where the occupant owns their own home.
This is a list of countries, territories and regions by home ownership rate, which is the ratio of owner-occupied units to total residential units in a specified area, based on available data. [1] [better source needed]
Responsible for property tax. The owner, not tenant, of the property must pay the tax. The owner liable for property tax can be an individual, company or legal entity (commercial company or real estate company). The tax is due each year from taxpayers who own property on 1 January of the tax year.
Where i is the interest rate, r p is the property tax rate, m is the cost of maintenance, and d is depreciation. The rent is the sum of these rates multiplied by the price of the house, [2] P H. More detailed user cost models consider differential interest costs for housing debt and owner equity and the tax treatment of housing capital income. [3]
Housing in India varies from palaces of erstwhile maharajas, to modern apartment buildings in big cities, to tiny huts in far-flung villages. The Human Rights Measurement Initiative [ 1 ] finds that India is doing 60.9% of what should be possible at its level of income for the right to housing .
Indian law follows principles of English law in most areas of law, but the law of trusts is a notable exception. Indian law does not recognize "double ownership", and a beneficiary of trust property is not the equitable owner of the property in Indian law.