July 13, 2024


Truth Triumphs

5% property tax rebate extended till May 31

Bengaluru, April 30: There is a cheerful news for property owners who failed to pay property tax as the state government extended the 5 per cent rebate period till May 31.

For the benefit of property owners and for BBMP to earn more revenue during 2022-23 the state government has extended the property tax renate till May 31 for those pay the property tax in a single shot. Public can utilise this opportunity and pay the propeety tax.

It is customary for the elected body in the BBMP to extend the property tax deadline with rebate. In the interest of financial health of the BBMP the government has extended the deadline.

Interestingly, the BBMP has made a whopping collection of Rs 1000 crore in just 29 days. The BBMP has set a target of Rs. 4500 crore for the year 2022-23. Thia accounts for 22 per cent of the target amount.

With this kind of property tax collection, the BBMP will easily meet the target of Rs. 4500 crore. Collection of Rs. 1000 crore is a record sort of collection for just 29 days, said sources.

The BBMP has also reduced the annual interest rate from 24 per cent to 9 per cent to benefit public, added sources.

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