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Taxes are the main source of revenue for maintaining and funding the major public utilities in the country. As we know, taxes are imposed on various incomes and services like income from house property, income from the sale of goods, and income from providing services to clients. The property tax is levied on the owner of the property.
The owners of properties in Bangalore have to pay property tax to the Bruhat Bengaluru Mahanagara Palike. The municipal corporations utilize these funds to maintain all civic facilities in the city. The property tax is calculated on the basis of unit area value (UAV). The UAV system of calculating the tax is based on expected returns from the property, the usage of the property and the location.
About BBMP Property Tax
The formula for calculating property tax is as below
Property Tax (K) = (G - I) * 20% + cess (24% property tax)
G = G is the gross unit area valued by adding X, Y, Z and I
Where X is the property occupied by tenants * per square foot rate * 10 months
Y is the self-occupied area of property * per square foot rate * 10 months
Z is the vehicle parking area of property * per square foot rate * 10 months
H is the percentage rate of depreciation for the property.
Therefore, the calculated property tax is equal to 20% area of the property which is multiplied by the per square foot rate of BBMP reduced by depreciation and allowed 24% cess on property tax.
Payment of BBMP Property Tax
1. The taxpayer can visit the BBMP official website for payment of property tax online.
2. The taxpayer has to enter the SAS application number or the PID which will be available in the last receipt. These will help the taxpayer to pay taxes.
3. If there are any changes in the property usage, its built-up area or occupancy, the appropriate tab has to be selected which will direct the taxpayer to Form V
4. The taxpayer has to ensure that the details that are pre-filled in the application form are correct and no changes have been made regarding occupancy, property details etc.
6. If any problems arise during this process, the assessee can resume the payment process by entering the SAS application number.
7. In case of any grievances, the assessee can mail at firstname.lastname@example.org
1. The application form can be availed and the taxpayer can fill the form and pay the tax either via a card or a demand draft.
2. The demand draft should be drawn in favor of the 'Assistant Revenue Officer'.
3. The following banks have been authorized to collect property tax for the BBMP
The property tax has to be paid by 30th April each year. A rebate of 5% is allowed if the tax is paid before the due date and in a single installment. If the tax is paid in two installments, the rebate cannot be availed. The penalty for non-payment of tax is 2% every month.
The residential houses will attract property tax if they are self-occupied or rented out.
The property tax also depends upon the zone in which the property is located. The zones are further classified into residential and non-residential areas.
The list of BBMP tax zones is as below
The tax deductions on GAV can be availed on computed income under house property in an assessment year fulfilling the conditions
1. What is BBMP property tax?
BBMP property tax is a tax which has to be paid by all the citizens residing in the city of Bengaluru to the municipal corporation. The BBMP tax is a mandatory tax which is collected by the state government for maintaining the civic amenities and public places.
2. What is A Khata and B Khata?
The document that confirms that the taxpayer has paid the dues against their properties is called A Khata document.B Khata documents refer to a list of illegal properties that are maintained by BBMP.
3. What does BBMP stand for?
BBMP stands for Bruhat Bengaluru Mahanagara Palike.
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