The Chief Commissioner of Bruhat Bangalore Mahanagara Palike (BBMP) has unveiled a draft notification on February 20, 2024, proposing significant changes in the determination of property tax. The focal point of this draft notification revolves around the adoption of the Unit Area Value as the basis for calculating property tax.
Outlined within the notification are detailed provisions encompassing various property types, including residential, non-residential, industrial, and specific categories. Each category is accompanied by precise formulas devised for property tax computation, which hinge upon factors such as the guidance value of the property or land, construction expenses, and depreciation.
Furthermore, the draft notification delves into specific scenarios, elucidating property tax implications for houses designated for economically disadvantaged individuals, properties exempted from regular tax obligations, and establishments hosting telecommunication towers, hoardings, or electronic apparatus.
Specifically, the draft notification delineates the following key aspects:
Residential Property Tax: It elaborated on tax components related to both land/property and buildings, offering a structured approach towards determining property tax obligations for residential properties.
Non-Residential Property Tax: This segment encompassed various property types, including those utilized for industrial purposes and prestigious establishments such as star hotels.
Special Cases: Addressing the diverse landscape of property ownership, the draft notification provided clarity on tax considerations for properties intended for underprivileged individuals, as well as those hosting specialised infrastructure like telecommunication towers or hoardings.
General Conditions: In addition to the specifics mentioned above, the notification established general conditions governing property tax calculations. These encompass provisions for annual adjustments, guidance values, exemptions, and specific utilization scenarios such as parking lots, merchandise storage areas, and communal spaces within buildings or apartment complexes.
If the public have any objections or suggestions about the draft, you can submit the concerns to the Chief Commissioner of Bruhat Bangalore Mahanagara Palike within 15 days. You can send your thoughts to the Chief Commissioner at NR Square, Bangalore-560 002, or email them to spcomm-rev@bbmp.gov.in.
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