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Plans to revamp property tax calculation
- BBMP in Bengaluru plans to revamp property tax calculation by eliminating zonal classification, switching to guidance values for fairer taxation.
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Will BBMP revamp property tax calculation in Bengaluru?
Is BBMP proposing a new property tax structure in Bangalore?
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Will BBMP reduce property taxes?
May 3, 2024 · Every year, the Bruhat Bengaluru Mahanagara Palike (BBMP) collects property tax during the months of April and May, and a 5% rebate is accorded to encourage timely tax payments. This year, however, BBMP has extended the 5% rebate period for property tax payments till July 31, 2024.
Mar 1, 2024 · The amendment was projected to benefit around 13-15 lakh people in Bengaluru, including 5.51 lakh taxpayers, by reducing the penalty on property tax arrears by 50%. This was followed, on February 20th, by BBMP’s draft notification proposing a new property tax calculation structure in Bengaluru.
Apr 19, 2024 · Property tax calculation to remain zonal: BBMP. The Bruhat Bengaluru Mahanagara Palike (BBMP) had proposed to charge property tax on the basis of guidance value Bangalore starting from April 1, 2024, which would have replaced the current zonal method of property tax computation. The proposed tax rates were.
- Sohini Ghosh
Feb 22, 2024 · BBMP will not reduce existing property taxes if the new system results in lower payable taxes. The notification also grants BBMP the authority to increase property tax by 5% annually from April 1, 2025, and any revisions to the guidance value will also apply to property tax.
Feb 22, 2024 · The Bruhat Bengaluru Mahanagara Palike (BBMP) on Wednesday issued a draft notification to introduce a new property tax calculation structure in Bengaluru and proposed to do away with the old system of zonal classification.
Feb 23, 2024 · Government-built houses for the poor and declared slums will have a fixed annual property tax of Rs 300. BBMP will not decrease existing property taxes even if the new system results in lower payable amounts. The authority reserves the right to increase property tax by 5% annually from April 1, 2025. Overall Impact:
