The owner must pay the dedicated property tax on different types of purchased property. The property tax calculation may differ state-wise. The property tax must be paid annually. Let’s understand the overall property tax scenario imposed in Bengaluru City, India.
This informative blog will emphasize and guide you on how to pay BBMP property tax. Many people are unaware of this tax system.
If you pay the property tax in a single payment before its due date, then you get a 5% rebate as per the BBMP tax system. However, if you fail to make the payment on the due date, per month 2% interest is charged.
What Is BBMP Property Tax?
BBMP property tax is the property tax collected by the Bruhat Bengaluru Mahanagara Palike. It is the state government-authorized body that regulates the taxation system on the purchase of any real estate property in the state.
The tax has to be paid every year by the property owner. The BBMP property tax is calculated based on the nature of the property and the futuristic return on investment. You can pay the property tax in two installments in Bengaluru. Pay BBMP property tax online by following a systematic process on their official portal.
Types Of Properties That Come Under The Property Tax Regime
The BBMP property tax system is followed to calculate the exact payable tax amount. These are the types of properties that come under the property tax regime as per the BBMP;
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- Any residential house (Self Occupied or Sub-Let)
- Factories
- Flats
- Godowns & Warehouses
- Office Buildings
- Shops & Showrooms
How To Calculate The BBMP Property Tax?
You can use an AI-empowered BBMP property tax calculator to calculate the tax instantly. Three different methods are used to calculate the BBMP property tax;
Annual Rental Value System
Under this system, the annual gross rent of the property is set, and based on this value the tax is calculated. Chennai and Hyderabad are using the Annual Rental Value System.
Capital Value System
The property tax is calculated by evaluating the market value of the property set by the stamp duty department of the targeted area. The market value of the asset plays an important role in this method.
Unit Area System
Using this method, the property tax is calculated by multiplying the property’s value by the carpet area. The per unit price is calculated for the carpet area. Metropolitan cities like Delhi and Bangalore are using the unit area system.
How To Pay BBMP Property Tax?
Step 1 – Visit the BBMP office or the local authorized government dept. that collects the property tax.
Step 2 – Fill out the form by providing all the necessary personal information and the details about the property purchased for example; location, purchase price, property type, floor, and other amenities.
Step 3 – Now, get all the required documents verified by the officials to avoid rejection. It will save time and effort.
Step 4 – Once the documents are cross-checked & verified, you go to the payment counter. Make the payment by cash or using UPI payment methods.
Step 5 – After making the payment, you can collect the receipt of the property tax paid.
How To Pay BBMP Property Tax Online?
Step 1 – Go to the official website of BBMP property tax by searching the keywords in the Google search box to pay the BBMP property tax online.
Step 2 – Here, you will be asked to enter PID Number, Application Number, or Renewal Application Number followed by the Owner’s Name.
Step 3 – Now request the retrieval of the Owner’s Data. Once the details are shown, cross-check if any changes are required.
Step 4 – If any changes are needed in case of the ownership change, rent out status, property covered area, update on the floor-wise system, etc.
Step 5 – Afterwards, you will be directed to fill the Form 5 for the property tax payment. Fill in all the required information carefully.
Step 6 – Once all the formalities are done, now you can make the BBMP property tax online payment via debit/credit card or UPI payment platforms.
Step 7 – After paying the property tax online, you can download the payment receipt after 24 hours.
Conclusion It is necessary to clear the dues of property tax valid on the purchased property. It is suggested that you should check for any past tax dues of the previous owner, and clear it there & then. This information will guide you, on how to calculate, and make the property tax online payment easily. Make sure you pay all the due taxes on the property purchased.
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