Bengaluru: Owners who rented their properties will feel the pinch as the BBMP prepares to implement guidance value-based property tax from April 1. According to new tax system, tenanted properties to pay twice the tax amount given by self-occupied residential properties.
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Bengaluru: The Bruhat Bengaluru Mahanagara Palike’s guidance value-based property tax, scheduled to be implemented from April 1, is going to impose an additional burden on property owners who have rented their properties for residential and commercial purposes in Bengaluru city. This major increase in property tax values is likely to further elevate rents for tenants who are already facing higher rental costs. According to the new tax system the tenanted properties to pay twice the tax amount which is given by the self-occupied residential properties, while the tariff is increased 3-5 times for other categories of commercial buildings.
