In Bengaluru, the property tax is governed under BBMP Property Tax System. Bruhat Bengaluru Mahanagara Palike (BBMP) is one of the largest Municipal corporations as it is responsible for the maintenance of such a large metropolitan area.
Bengaluru is one of the largest as well as densely populated cities in the country. Therefore, it requires substantial administration. BBMP follows a very systematic approach to maintain health, hygiene, education, and lifestyle in the city.
What are taxes?
A common man holds the most power in a democratic country. Our country operates on the taxes that are imposed on our income, goods, services, and property.
Some of these taxes are managed by the central government and some of them are regulated by the state government.
The state government generates a reasonable amount of revenue from property tax. It is imposed on the property owned by any person or corporation. Property that is eligible for property tax is commercial, residential, and industrial real estate. According to the state government guidelines, vacant land and personal property can also be evaluated for property tax.
The collected tax is utilized for the systematic development and sustaining of various amenities provided by the government.
What is BBMP property tax?
People who own a certain amount of property in Bengaluru are liable to pay property tax to BBMP.
Property tax is calculated by multiplying the area of the property by the tax rate per square foot. Instead of imposing the same tax rate on all the property, BBMP follows Unit Area Value (UAV) system. As per the UAV system, the returns of the property are calculated according to its usage and location.
It is unfair to impose the same tax rate on different properties. A revenue-generating property is not comparable to vacant land.
Taxpayers don’t have to go through these mathematical formulas. BBMP tax calculator is available on the official website of BBMP.
BBMP Property Tax Payment
BBMP collects property tax annually and its session starts in April and ends in March of the next year.
BBMP property tax can be paidonline or offline. People can choose their payment method accordingly.
For BBMP property tax online Payment visit: www bbmp property tax.
BBMP introduced various guidelines to encourage people for timely payment:
- People can pay their property tax in two installments without any added penalty.
- People who choose to pay their property tax in one installment are relieved of 5% of the total property tax.
- Delay in tax payment can lead to an additional interest of 2% per month. It sums up to 24% per annum.
BBMP Property tax online payment takes place on the official website of the BBMP property tax system.
BBMP property tax system consists of all the essential modules like new property registration, notice payment, payment status, tax calculator, and filing complaints. This website also displays regular updates and offers on BBMP property tax online as well as offline payment.
BBMP Property tax system uses secure payment gateways for online payment. The website is efficiently encrypted to secure your personal information.
BBMP property tax online payment is credible and safe. Users can pay their taxes from the comfort of their home and claim rewards for timely payment of their property tax.
People who are skeptical of online payment methods can pay their taxes manually. There is only one BBMP center in Bengaluru. However, certain banks are also authorized to collect taxes. Some of them are Canara Bank, Axis Bank, HDFC Bank, and ICICI Bank.
BBMP property tax is the main contributor to BBMP fundings. These funds support the overall development and maintenance of Bengaluru. The systematic tax collection and practical allotment of resources make BBMP one of the most efficient municipal corporations.