The cadastral income is a very important concept linked to the world of real estate, as it is closely linked to the calculation of taxes related to the possession of a real estate asset, as well as to various other indicators always connected to real estate properties.

Sky Marketing strives to be Pakistan's biggest real estate developer ever, guaranteeing the highest international standards, prompt execution, and lifetime customer loyalty. For further detail visit Taj Residencia islamabad payment plan

 

If you own a house, it can often happen to come across this concept, so it can be important to know its specifications and how it works, so as to be able to correctly interpret the numerical data that expresses it and know what it can be used for. Even in the case of real estate sales, for those who have to buy a house, it is important to know what the cadastral income of the house they are going to buy is, so as to be able to predict how much the taxes to be paid later could be.

So let's see everything there is to know about the cadastral income of a property.

Dove.it is an online real estate agency that relies on technology and the best agents in the area to guarantee its customers a correct property valuation and to sell a house online at the best price and in the shortest possible time. By simplifying the processes, it is able to offer a service with ZERO commissions for those who sell, keeping the human relationship between customers and agents at the center of its offer through its real estate agencies in the area.

What is the cadastral income for?

The cadastral income is a tax value that is used to determine:

• the cadastral value of a property, for the purposes of calculating inheritance and gift taxes and cadastral and mortgage taxes. The cadastral income is used to determine the cadastral value as a tax base and, in practice, this occurs by multiplying the cadastral income by a predetermined coefficient, which varies in relation to the intended use of the asset taken into consideration and its cadastral category of membership
• the value of a property for the purposes of direct taxation and payment of the Imus
• the tax value of an asset and its profitability in tax terms, so as to determine the values ​​of application of taxes and duties

In this sense, the cadastral income, according to what is declared by the article of the law that determines its functioning, " constitutes the basis for the determination of the taxable income subject to taxes and surcharges ". Basically, therefore, the cadastral income is the value attributed to all real estate that are capable of producing or generating income and this value is calculated and defined for tax purposes.

How to calculate the cadastral income of a property?

To calculate the cadastral income of a property, a mathematical operation that is not too complicated must be carried out, which can also be carried out by ordinary citizens - although it may always be better to contact a professional in the sector to avoid errors and be able to better interpret the data obtained.

In particular, with regard to most types of properties, the calculation of the cadastral income is carried out by multiplying these two types of values:

• the size of the property, expressed in cubic meters, square meters or cadastral rooms depending on the cadastral category of the property to which reference is made
• a specific numerical value, elaborated by the Revenue and Territory Agency, which varies according to the area in which the asset is located and its intended use. This figure, reported in the so-called estimate tables, is proposed by the Revenue Agency on the basis of a subdivision of the national territory into homogeneous zones, within which the properties are divided according to the categories and cadastral classes to which they belong.

Read More:  https://propertynews.pk/

To view the cadastral income of a property you can consult the relative cadastral survey, where, among the numerous data that make up the "identity card" of a home, you can also find the number that defines the income. In addition, the Revenue Agency offers dedicated services to calculate and view the cadastral income of your property, as well as many specialized sites (both free and paid).

For the verification and control of the cadastral documentation it may be useful to rely on a professional who detects possible building abuses and irregularities. Dove.it provides a cadastral documentation control service through the purchase consultancy service.

Revaluation of the cadastral income

Since the simple value of the cadastral income has proved over time to be an insufficiently precise instrument in order to act as a tax base for taxation on real estate, it was necessary to proceed with the conception of a system for the revaluation of the cadastral income.

The revaluation, which consists of a revaluation of 5% (for properties in the cadastral categories A, C, D and E) multiplied by a series of different coefficients depending on the tax taken into consideration, allows to obtain the value of the annuity cadastral correct, updated to the current situation of the property.

Allocation of cadastral income for new buildings

In order to know the cadastral income of a property when it has just been built, the owner must apply to the Land Agency for the attribution of the cadastral income. For new buildings, this request must be sent within 30 days from the moment in which they become usable (in relation to the intended use) and the owner himself must propose an amount to the technician in charge of the evaluation.

If the assigned cadastral income is different from that proposed, the taxpayer has the right to appeal to the Territory Agency, which has the obligation to notify the correction to the interested party within one year: beyond this period of time, the proposed annuity becomes definitive.

Source: Businessworld