Property tax is calculated as a percentage of the total property value, with exemptions deducted.
Formula: (Property Value - Exemptions) × (Tax Rate / 100)
Example: If your property is worth ₹50,00,000 and the tax rate is 1%, with exemptions of ₹1,00,000, your tax will be: (₹50,00,000 - ₹1,00,000) × 1% = ₹49,000.