The Chief Commissioner of Bruhat Bangalore Mahanagara Palike issued a draft notification on 20th February, 2024 regarding the determination of property tax based on the Unit Area Value. The notification outlines the property tax components for residential, non-residential, industrial, and other specific property types.
It provides detailed formulas for calculating property tax based on the guidance value of the property or land, construction cost, and depreciation. It also includes provisions for property tax on specific property types such as houses for the poor, service charges for exempted properties, tax on telecommunication towers, hoardings, and electronic devices, as well as general conditions for property tax calculation.
The draft notification specifies the property tax calculation for residential properties, including the tax components arising from land/property and buildings. It outlines the property tax for non-residential properties, including those used for industrial purposes and star hotels.
The notification also addresses property tax for specific cases such as houses for the poor, properties exempted from property tax, and properties with telecommunication towers, hoardings, or electronic devices. Furthermore, it provides general conditions related to property tax, including provisions for annual increases, guidance values, exemptions, and specific usage scenarios such as parking areas, storage of merchandise, and common areas in buildings or apartments.
Overall, the document aims to establish a structured framework for calculating property tax based on various property types and usage scenarios. It provides detailed guidelines for determining property tax, taking into account factors such as the guidance value of the property, construction cost, depreciation, and specific usage conditions. By outlining specific formulas and provisions, the notification aims to ensure a comprehensive and standardized approach to property tax calculation for different property categories within the Bruhat Bangalore Mahanagara Palike jurisdiction
