BBMP Budget | No hike in property tax
The Hindu
Target collection reduced ₹2,800 crore for the coming fiscal year
In what may come as a relief to citizens, the Budget does not mention any increase in property tax for the coming financial year. Bruhat Bengaluru Mahanagara Palike Special Commissioner (Finance) Tulasi Maddineni announced that the civic body will move towards implementing property tax based on the Capital Value System. Owners will pay tax-based on the capital value of the property. However, with the system not yet in place, it seems unlikely that it will be implemented in the coming financial year. Though the BBMP plans to recover dues from 4.1 lakh properties whose owners have wrongfully assessed their property tax this year, the target collection has been reduced from ₹3,500 crore (2020-21) to ₹2,800 crore (2021-22).
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