BBMP likely to hike Property tax by 15 per cent for the next Financial Year
The tax, which is being collected through Self Assessment Scheme (SAS), will be hiked for 2011-12 as the three year block period will end this March. The Bruhat Bangalore Mahangara Palike (BBMP) property tax is likely to be hiked by at least 15 per cent for the next financial year.
The Bruhat Bangalore Mahangara Palike (BBMP) aims to achieve a landmark by raking in Rs1,000 crore in property taxes by March. BBMP commissioner Siddiah said the draft of the proposal was ready for submission to the Taxation and Finance Committee and the council. He said the property tax collections stood at Rs 985 crore as against the estimated Rs 1,500 crore by March 2011 in the Budget. The block period could now be increased from three to seven years.
BBMP will issue Property Identity Numbers using global information systems. The technology would also provide details of tax payers and defaulters and can highlight the properties in different colours, depending on the category of property (paid, not paid, not under tax net, etc).
Source: Express buzz
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