![]() A delay in payment of property tax may incur charges of 2% per month or 24% per annum. BBMP grants 5% refund for taxpayers paying the tax in a single instalment. Therefore, the tax has to be remitted within 30 April of the following Financial Year. The period of property tax payment starts from April of a particular year and concludes on the March of the succeeding year. However, there is no fixed property tax rate, since the tax rate might differ based on the zone of a particular property. Under the supervision value published by the Department of Stamps and Registration, BBMP is administered into six value zones. Estimation of property tax is determined by multiplying the area of the property by the sq ft tax rate per month (UNIT) that is fixed on the basis of the location of the property (AREA) and multiplied by current property tax rate (VALUE). It is subject to variations due to the location and nature of usage of the property. The BBMP uses a unique calculating method called Unit Area Value (UAV), which is calculated based on the expected returns from the property. Overview of BBMOīruhat Bengaluru Mahanagara Palike (BBMP) is designated as the Municipality of the City of Bengaluru, and the property owners are obligated to remit these taxes to the body. Residents of Bengaluru who are liable to pay property tax must remit the same to the Bruhat Bangalore Mahanagara Palike (BBMP). Properties that are liable to property tax in Bengaluru are independent buildings, which includes residential and commercial flats and apartments shops godowns vacant lands etc. The revenue received by the State Government is distributed to various municipalities within its boundaries to develop civic amenities like roads, drainage, public parks, sanitation, light posts, etc. The Government utilizes the funds collected from its citizens in a way that benefits them. ![]() In this article, we look at the various aspects of Bengaluru property tax in detail. Property tax is imposed by the State Government on the owners of a property on a year-on-year basis. ![]() The property tax collected by corporation and municipalities across the country is used to render various amenities to the residents. Property taxes are considered to be one of the most vital sources of revenue for the Government. Learn » Personal Finance » Bengaluru Property Tax Bengaluru Property Tax ![]()
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