What is BBMP Property Tax?
Bangalore property tax is a way for the state to collect revenue from property owners in order to build infrastructure and living conditions.
All “real” or tangible properties, including industrial, residential, and leased out the land, are subject to a property tax in every state.
Property owners must pay their allotted BBMP Property tax by the due date each year. Failure to pay this tax results in penalty charges equal to the amount due, as well as, in some extreme cases, imprisonment.
To avoid such a situation, let’s learn about BBMP tax calculation.
How Is BBMP Property Tax Calculated?
In India, different calculation patterns exist, and the Unit Area Value (UAV) system is used by Bangalore Municipality.
The tax amount is measured by the approximate return from a concerned property, which is also dependent on the property’s location and intended use.
The formula for calculating the BBMP tax payment number is shown below. To make the process go faster, use a BBMP tax calculator.
Property Tax (K) = (G-I)*20% + Applicable Cess (Property’s 24%).
Here, G=Gross Unit Area Value= (A+B+C)
A= let out area of property x Property’s per square ft. rate x 10 months.
B= Self-occupied area of property x Property’s per square ft. rate x 10 months.
C= Parking area of property x Property’s per square ft. rate x 10 months
To simplify this process, follow the steps below.
- Know the property’s essential details like type, depreciation, value per unit, etc.
- Multiply values of unit area and built-up area and then multiply it by 10.
- Subtract depreciation from this value to derive annual property value.
- Find 20% of the annual value to estimate yearly tax.
- Calculate 24 percent of the annual property tax to get Cess.
- Add Cess and property tax to arrive at total BBMP tax payable.
- To make this estimate easier and more precise, use the BBMP property tax calculator.
How to pay BBMP Property Tax?
In Bangalore, taxpayers can pay property tax in both online and offline modes.
Visit the following places to pay BBMP property tax after filling up the application form.
- Office of assistant revenue officer
- Bangalore 1 center.
Pay there with a demand draft or a payment card. Alternatively, the following banks also have been authorized to collect the tax:
- Axis Bank
- Canara Bank
- ICICI Bank
- HDFC Bank
If you have a property tax Challan, make the payment to any of the following banks.
- Corporation Bank
- Maharashtra Bank
- Indian Overseas Bank
- Indian Bank
- IndusInd Bank
- Kotak Mahindra
To make the BBMP house tax payment, residents of Bangalore also need to be aware of its deadline.
How to Pay BBMP Property Tax Online?
BBMP online tax payment takes just a few minutes. Here are the steps.
Step 1: Navigate to “SAS Property Tax Payment” on the BBMP website.
Step 2: Select an application number type, such as PID or Block Renewal Number.
Step 3: Click “Retrieve” after entering the 10-digit application number and the first three characters of the property owner’s name.
Step 4: The property owner’s information will appear on the screen; if the information is right, click “Proceed,” and you’ll be taken to Form IV. It will be redirected to Form V if there are any changes.
Step 5: Double-check the details you’ve already entered for any errors. Pay your BBMP property tax online or generate a Challan to pay offline.
Step 6: A payment portal will open for online BBMP tax payment.
Step 7: To complete the transaction, enter the card details.
Step 8: Once the payment has been completed, save or download the BBMP property tax receipt generated.
Note: Sometimes property tax payment receipt will take up to 24 hours to appear on the website.