Proposal to hike property tax in Bangalore
If garbage menace and failing infrastructure in the city was not enough, Bruhat Bangalore Mahanagara Palike (BBMP) is all set to give another blow in the form of hike in property tax.
It is said that BBMP Standing Committee on Tax and Finance has submitted a proposal to increase unit rates of property tax by 20 percent for residential properties and 25 percent for the commercial properties.
The Karnataka Municipal Corporation Act has a provision of a hike of 15- 30 percent every three years. The property tax rate which expired on March 2011 has not been revised so far.
The BBMP had proposed a revision on tax to the state government in November 2011 but it was not revised because of the strong protest from elected representative and the general public who demanded the government to extent the time period from three years to five years.
Records submitted by the BBMP to the principal secretary of the urban development department state that the property tax rates which was implemented in 2008-09 was done without making changes to the self-assessment property tax as existed in 2000.
The new financial year will start on April 1, 2013 and there is a provision to revise the property tax rate based on the guidance value fixed by the Stamp and Registration Department in the limits of the BBMP. The standing committee has already submitted a note before BBMP council to take a quick decision on the issue.
Once the council decided on the revision of the property tax rates, it will come for discussion on the floor of the council and they will submit a report about it to the state government. BBMP commissioner had directed officials to collect the due amount of 1,377 crore by March 31, from the tax defaulters and also to make a list of property owners whose names are not there in the tax list and periodically re-asses the tax rates of 15,000 commercial establishments in the city.
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BBMP Bangalore, BBMP Standing Committee, Bruhat Bengaluru Mahanagara Palike, Karnataka Municipal Corporation, property tax in bangalore, Residential projects in Bangalore, Residential properties, Residential real estate, State government, tax defaulters in Bangalore, urban development department
[...] Proposal to hike property tax in Bangalore [...]
[...] are also there in the list of defaulters. The Palike said it has to get Rs 107.86 crores extra property tax from just 10 properties in the [...]