I come across in news that a country was trying to use geotagging to tackle the real estate issue and increase its tax net. How the geotagging can be used in the real estate and how it can help increase tax revenue.
Devika SuriLevel 1
What is geotagging in the real estate sector?
Geotagging is a process in which a geographical location is added to various forms of data for identification purpose. The data can be used in multiple forms such as images, video, websites, SMS messages, QR Codes and RSS feeds. The geographical location is usually determined based on various metadata such as latitude, longitude, altitude and place names.
Geotagging in the real estate market is quite new and has been emerging a major trend. It can help the real estate agents to position their properties by benefiting of the geotagging.
Even governments can increase its tax net from the property market by using geotagging. It can help in documenting the real state sector. Pakistan is considering a Chinese proposal to use the geotagging technique to assess the property market. The Federal Board of Revenue’s (FBR) aim is to conduct a nationwide digital survey of properties.
In India, Pune Municipal Corporation (PMC) started geotagging of real estate properties in 2016 and expected a huge boost in tax collection.
Geo-tagging can bring any un-assessed properties into the under the tax net. It can even help identify any illegal practices such as the conversion of residential properties into commercial use. Besides, it can capture details about the ownership, as well as property size and photographs.