BBMP Property Tax Amendment Bill 2024, passed in Karnataka Assembly yesterday
Bill slashes penalties on property tax dues within Bengaluru city limits by 50%
Substantial savings of approximately Rs 2,700 crore for Bengalureans
The BBMP Property Tax Amendment Bill 2024, passed in Karnataka Assembly yesterday (Feb 20), hailed as a boon for tax-payers by Deputy Chief Minister DK Shivakumar, marks a significant shift in policy favouring citizens in Bengaluru.
This taxpayer-friendly legislation, which received approval in the Legislative Assembly yesterday, notably slashes penalties on property tax dues within Bengaluru city limits by 50%.
Presenting the Bill during the post-lunch session, Deputy Chief Minister Shivakumar, who also holds the Bengaluru City Development portfolio, emphasized its positive impact on citizens’ financial burdens.
The enactment of this Bill effectively halves the penalty amount, resulting in substantial savings of approximately Rs 2,700 crore for Bengalureans. Furthermore, it empowers the BBMP to recuperate penalties amounting to Rs 1,000 crore.
The amendment extends its benefits to a wide spectrum of Bengaluru’s populace, encompassing 13-15 lakh individuals. Among them, 5.51 lakh taxpayers, 5-7 lakh individuals falling outside the property tax bracket, and 3 lakh partial property tax payers stand to gain. Notably, the legislation includes provisions for special rebates targeting economically disadvantaged segments, while exempting government residential buildings and structures within slums from property tax penalties.
Moreover, properties spanning up to 1,000 square feet and utilized for personal use are also exempted from property tax penalties. Crucially, the Amendment Bill caps penalties on residential and mixed-use properties to a maximum of five years, regardless of the duration of default, and waives off interest on dues exceeding this period.
This legislative overhaul signals a concerted effort to alleviate financial strain on Bengaluru’s populace and foster greater equity in property tax enforcement.
BBMP Property Tax Amendment Bill 2024, passed in Karnataka Assembly yesterday
Bill slashes penalties on property tax dues within Bengaluru city limits by 50%
Substantial savings of approximately Rs 2,700 crore for Bengalureans
The BBMP Property Tax Amendment Bill 2024, passed in Karnataka Assembly yesterday (Feb 20), hailed as a boon for tax-payers by Deputy Chief Minister DK Shivakumar, marks a significant shift in policy favouring citizens in Bengaluru.
This taxpayer-friendly legislation, which received approval in the Legislative Assembly yesterday, notably slashes penalties on property tax dues within Bengaluru city limits by 50%.
Presenting the Bill during the post-lunch session, Deputy Chief Minister Shivakumar, who also holds the Bengaluru City Development portfolio, emphasized its positive impact on citizens’ financial burdens.
The enactment of this Bill effectively halves the penalty amount, resulting in substantial savings of approximately Rs 2,700 crore for Bengalureans. Furthermore, it empowers the BBMP to recuperate penalties amounting to Rs 1,000 crore.
The amendment extends its benefits to a wide spectrum of Bengaluru’s populace, encompassing 13-15 lakh individuals. Among them, 5.51 lakh taxpayers, 5-7 lakh individuals falling outside the property tax bracket, and 3 lakh partial property tax payers stand to gain. Notably, the legislation includes provisions for special rebates targeting economically disadvantaged segments, while exempting government residential buildings and structures within slums from property tax penalties.
Moreover, properties spanning up to 1,000 square feet and utilized for personal use are also exempted from property tax penalties. Crucially, the Amendment Bill caps penalties on residential and mixed-use properties to a maximum of five years, regardless of the duration of default, and waives off interest on dues exceeding this period.
This legislative overhaul signals a concerted effort to alleviate financial strain on Bengaluru’s populace and foster greater equity in property tax enforcement.
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