Buying property involves a lot of documentation. Property tax payment is an inevitable part of purchasing a property in India or elsewhere. Apartments in Bangalore and many other regions in India come with property tax levied on it. In order to know about the property tax on apartments and other property, let's see the guide to paying property tax in Bangalore.
● What is
property tax?
Property tax for any property such as the 1 or 2 bhk flat in Bangalore is a payment that reoccurs and is submitted to the municipality body of the state. Specifically, in Bangalore the property tax for apartments in Bangalore is paid to the Bruhat Bengaluru Mahanagara Palike (BBMP). This payment is done by the 30th of each year. Also, the amount of tax keeps varying as per the location where the property is located. This property tax is utilized by the state government to provide civic amenities to the public. The various facilities for which the property tax is used are constructing seamless roadways, developing a proper sewage system and also for building recreational parks for people of the particular location.
● Property tax
calculation and payment
Like mentioned earlier, whether it is a 1 bhk or a 2 bhk flat in Bangalore, property tax is calculated depending on the location for which the tax is calculated. The process of tax calculation has also become super easy. Not just the location, the usage and occupancy are also some of the factors that influence the property tax calculation. The process of tax payment is completely automated. Property tax online payment is a famous mode for payment. The entire payment process is automated on the official BBMP website. Also, remember that property owners are applicable to get a tax rebate of at least 5 percent. This is applicable in the case where the property tax is paid prior to April 30th of the following fiscal year. There is also an installment feature available wherein the first installment needs to be done by May 30th and the second one by November 30th. The feature to pay property tax online Bangalore has made it convenient to pay the property tax on time. Missing the date could lead to accumulation of interest on the tax.
Following
this guide to pay property tax in Bangalore will turn out to be very useful.
You can also check your property tax online with the help of an automated
property tax calculator devised by BBMP.
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