BBMP revises property tax on parking areas in Bengaluru

As per the previous calculation, residential models had been required to pay 50% of their whole property tax as parking tax, with charges differing primarily based on zones and places. 
| Picture Credit score: Ok BHAGYA PRAKASH

In a major transfer to streamline property tax calculation, the Bruhat Bengaluru Mahanagara Palike (BBMP) has standardised and diminished the tax fee for car parking house below the brand new Unit Space Worth (UAV) system. 

The revised tax construction, relevant to each residential and industrial properties in Bengaluru, goals to carry uniformity and ease the monetary burden on property homeowners, stated a BBMP official. 

Based on the brand new charges, residential property homeowners will now pay ₹600 per 12 months for a 150 sq. ft. parking slot, calculated at 20% of the assessed worth at ₹2 per sq. ft. for 10 months.

Business and non-residential property homeowners will probably be charged ₹1,125 per 12 months for a similar parking house, primarily based on 25% of the assessed worth at ₹3 per sq. ft. for 10 months.

The construction beforehand diversified throughout six zonal classifications. As per the previous calculation, residential models had been required to pay 50% of their whole property tax as parking tax, with charges differing primarily based on zones and places. 

Saying the revised construction, Munish Moudgil, Particular Commissioner (Income), BBMP, emphasised that the adjustment goals to carry equity and readability to parking tax calculations, guaranteeing a balanced strategy throughout completely different property classes. The transfer is predicted to supply aid to taxpayers in Bengaluru whereas sustaining income stability for the civic physique.

The standardisation of parking tax is a part of BBMP’s ongoing efforts to rationalise the property tax constructions, and make compliance simpler for property homeowners.