The property tax rebate period has been extended by the Bruhat Bengaluru Mahanagara Palike (BBMP) until the end of May. Chief Commissioner Gaurav Gupta released an order to that effect. Per year, you must pay your BBMP property tax. The tax year begins in April and ends in March of the next year. For example, if you owe property tax for the fiscal year 2020-21, you must pay it by April 30, 2021.
Bangalore residents can conveniently pay their property taxes via the tax department's website portal. Bangalore property tax is collected by the municipal authorities from all property owners. Property owners pay the appropriate sum to the Bruhat Bangalore Mahanagara Palike (BBMP), which provides them with all information about the value of their property and the amount due.
Payment of BBMP property tax is due on April 30, 2021. You would be eligible for a 5% refund if you make the payment before the due date. Each month, a 2% interest fee will be applied on late payments.
Computation of Property Tax
BBMP Property tax = built-up area × Age factor × base value × type of building × category of use × floor factor.
The base value of the land; occupancy factors, whether self-owned or rented; property type, whether residential or commercial; the age of the BBMP property or the year of construction; construction type, whether multi-floored or single-floored, etc. are among the Bruhat Bengaluru Mahanagara Palike Property Tax measurement factors.
As a result, property tax is calculated as 20 percent of total property area (tenanted, self-occupied, and vehicle parking area) multiplied by the per sq ft rate set by the BBMP for each type of property use for a period of ten months, reduced by BBMP-allowable depreciation, plus a 24 percent cess on property tax.
Types of properties that attract property tax in Bangalore
The following properties are subject to property tax in Bangalore:
Residential houses - Occupied by the owner or let out to rent
How to Pay BBMP Property Tax Payment Online 2021-22?
Step 1: Visit https://bbmptax.karnataka.gov.in/ portal.
Step 2: Enter the SAS/ property identification number
Step 3: Click on the "Retrieve" tab
The system will submit the owner's information based on the previous year's information.
Step 4: Click "confirm" to continue.
Step 5: In the displayed form(form iv), enter all the details of your property.
Step 6: If the property has changed in some way, such as its use, built-up region, or occupancy, check the box on the page.
Step 7: Click 'proceed,' which will take you to form V
Step 8: Enter details and Click on Make Payment
You can now use the portal's fixed payment methods. Choose between paying online or depositing a challan at a BBMP office near you. Property owners can pay online using an e-wallet, a debit card, or a credit card, among other options. After payment, the system will generate a receipt.
Important things to know about BBMP property tax payment
- If the prior year's property tax report has not been filed, the current year's property tax must be filed along with the previous year's return and dues, if any.
- The PID Number is a combination of Ward number- Street number-Plot number," according to the BBMP website. Each and every street has been assigned a unique street number, as well as a property number within the street.
- Additional depreciation cannot be reported for the 2017-18 and 2018-19 tax years because depreciation can only be claimed once in a block period, from 2016-17 to 2018-19.
- Using your SAS BASE APPLICATION NUMBER or PID NUMBER, you can make a payment against your property tax if you have already paid the property tax at least once.
- If a revised return for any year has been filed, the current year's return will be based on the revised return.
- If you pay the whole sum in one installment, you will receive a 5% discount on the overall property tax due.
- If any tax was paid in advance, and there is still a balance after adjusting for previous years' taxes, it will be refunded via cheque or DD after due verification.
- If the current year's property tax is charged in two installments, the same form is used for the second installment.
Landowners rejoice, if you own a vacant site that is less than 1,000 square feet, you are no longer required to pay property taxes!
The good news for the rest is that the basis for calculating property taxes has been reduced! Previously, it was measured using 50% of the guidance value; currently, it is calculated using half of that, or 25% of the guidance value.
Which are the authorized banks to collect BBMP Property Tax?
- Maharashtra Bank
- Canara Bank
- HDFC Bank
- Axis Bank
- Indian Overseas Bank
- Kotak Mahindra
- Indusind Bank
- Corporation Bank
- YES Bank
- Indian Bank
- ICICI Bank
- BBMP Website
You can pay the tax at either of the above centers or banks if you chose challan payment while filling out the form online.