Bengaluru: BBMP sees Rs 611 crore increase in its property tax to Rs 3,945 crore in 2023-24

The Bruhat Bengaluru Mahanagara Palike (BBMP) raked in Rs 3,945 crore in property tax for the fiscal year 2023-24, marking an increase of Rs 611 crore, or 18%, compared to the previous year.

Notably, the Mahadevapura zone, known as the IT hub, contributed a substantial Rs 1,042 crore, constituting more than a quarter of BBMP's total collection. Officials attribute Mahadevapura's consistent top ranking in tax contribution to its abundance of commercial properties, including those housing IT firms and startups.

Despite setting a target of Rs 4,412 crore for property tax collection in 2023-24, BBMP fell short by over 10%. In the preceding fiscal year of 2022-23, the collection amounted to Rs 3,334 crore. However, the collection from Mahadevapura zone saw a significant increase from Rs 952 crore in 2022-23 to over Rs 1,042 crore in 2023-24.

Also read: Bengaluru: FKCCI demands reassessment of BBMP property tax amendments as it criticizes that they lack basis

Revenue officials reportedly implemented various strategies to enhance tax collection, including issuing demand notices to defaulters and commercial properties listed in the Bescom database.

Additionally, they had intensified efforts to recover dues from malls, reviewed self-assessment affidavits, and sealed commercial properties for non-payment of taxes. Furthermore, starting from December 2023, BBMP officials initiated the seizure of movable and immovable properties as well as bank accounts belonging to tax defaulters, resulting in improved tax collection for the civic body.