All you Need to Know about BBMP Property Tax in Bangalore

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All you Need to Know about BBMP Property Iax in
Bangalore
HonestBroker
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• What is BBMP Property Tax?
• You must annually pay property tax to the state's
  municipal organization, Bruhat Bengaluru
  Mahanagara Palike (BBMP) if you are a property
  owner in Bangalore. In Bengaluru, the BBMP uses
  this money to fund public services and amenities
  to boost the growth of Bangalore real estate.
  BBMP uses the UAV (Unit Area Value) system to
  compute the tax amount. The UAV calculation
  considers the kind of property and its location
  in addition to expected asset profits. Based on
  the Department of Stamps and Registration's
  publication of guiding values, the BBMP's
  jurisdiction is split into six value zones. A
  varied property tax rate will apply depending on
  the zone in which the property is located. The
  six zones include Yelahanka, Dasarahalli, West,
  East, and South, as well as Yelahanka and
  Mahadevapura.
• Properties that Attract BBMP Property Tax
  Payment?
• BBMP Property tax is imposed on properties in
  Bangalore on the following properties
• Residential properties, whether rented out or
  occupied by the owner.
• Factory structures.
• Office structures.
• Godowns.
• Shops.
• Flats.
• The jurisdiction of BBMP is divided into six
  value zones based on the guidance value
  published by the Department of Stamps and
  Registration. Different property tax rates will
  apply depending on the zone in which the
  property is located. The several zones of
  Bengaluru are listed below, along with the ward
  names, numbers, and subdivisions.

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How to Calculate BBMP Property Tax? Three methods
can be used to calculate property taxes,
including the Annual Rental Value System, the
Capital Value System, and the Unit Area
System. Method of Annual Rental Value Under
this system, the BBMP determines the gross
yearly rent of a property and assesses tax based
on the estimated value. This system is used in
Hyderabad and Chennai. Capital Value System The
Capital Value System forecasts the tax due on
the property based on its market value. In this
arrangement, the local stamp duty office often
fixed the market value of properties. Unit Area
System In the Unit Area System, the cost of the
carpet area is divided by the property's
value. The BBMP Tax is calculated on a per
square foot, each month (unit) basis for a
specific street or location (area) and is then
multiplied by the current property tax rate
(value). You should use the equation or formula
below to compute the BBMP Property Tax K
(Property Tax) (G-I) 20 plus Cess (24 of
Property Tax), G Gross Unit Area Value of X,
Y, and Z. IGH/100 Were X Area of Real
Estate Under Tenancy Property Rate Per Square
Foot Ten Months
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Y equals the property's self-occupied area
multiplied by the price per square foot by ten
months. Z the vehicle's parking space
multiplied by the rate of parking space per
square foot times ten months H stands for the
age-related depreciation rate . BBMP Property
Tax regulations provide that the property owner
must pay the tax sum by April 30 of the
succeeding fiscal year. Additionally, you have
two payment options for property tax split the
cost over two installments or pay it all at
once. If you pay your invoice before the due
date, you'll get a 5 discount. Late payments
will be assessed a 2 monthly interest
charge. How to Pay Property Tax in
Bangalore? You can pay BBMP property tax online
or offline. You need to visit https//bbmptax.kar
nataka.gov.in/. Payment of the BBMP property tax
2022-23 is required annually. The top real estate
builders in Bangalore must pay the BBMP property
tax. The tax year begins in April and lasts
through March of the following year. For
instance, if you owe property tax for the
financial year 20222023, you must make sure it
is paid by June 30, 2022. The cost of living in
Bangalore depends upon the area you choose. Step
1 visit https//bbmptax.karnataka.gov.in/ to
access the BBMP property tax online portal and
BBMP Property Tax System. Step 2 Enter the SAS
Application Number or Property Identification
Number and press "fetch." By doing this, all of
the property owner's details are displayed.
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Step 3 Click "Continue" if the information on
the screen is accurate and doesn't need to be
changed. You will be instructed to complete Form
IV if you do. Step 4 Click the box on the
screen and select "continue" if the property
needs any adjustments to its usage, occupancy, or
built-up area. As a result, you will need to
submit Form 5. Step 5 Verify the accuracy of
the information that has been pre-filled. The
last step is to pay the tax, which can be done in
whole or in installments, either online or with
a challan. Step 6 If you choose the online
payment option, you will be taken to a screen
where you can choose between using a debit card,
credit card, or net banking to make your
payment. Step 7 The system will generate a
receipt number once your payment has been
accepted. You can view, print, or download this
number after 24 hours.