Before buying a property in Bangalore, my father had the same query, does property tax increase every year? We asked my uncle, an experienced financial advisor, about the same. He said yes, property tax rates in Bangalore are currently under review. As of early 2024, the Bruhat Bengaluru Mahanagara Palike (BBMP) proposed a new tax structure to replace the zonal system with one based on "guidance value."
He further said the Karnataka government ultimately decided to maintain the current zonal structure for 2024-25, so property tax rates have not increased this year. Let me share more details.
Bangalore's property tax is determined by the BBMP using a zonal classification system, which divides properties into five zones according to market value and location. Three main elements influence calculations:
Built-Up Area: Measured in square feet.
Property Usage: Different rates apply to residential, commercial, and industrial properties.
Zone: Based on the BBMP's designated areas (A to E).
The BBMP formula calculates tax using the below formula:
Annual Tax= (Built-Up Area × Rate per sq. ft. × Usage Factor) − Depreciation (if applicable)
This means property owners in high-demand areas (Zone A) often pay more than those in lower-demand zones
I hope your query on do property taxes go up every year is resolved.
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Authors Of The Question
Does Property Tax Increase Every Year?
rekha
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4 months
2024-10-30T14:39:42+00:00 2024-10-30T14:39:43+00:00Comment
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