Apr 01, 2025 10:29 AM IST
In response to the revised UAV charges, the property tax on parking areas shall be calculated in a different way for residential and business properties.
In a major replace to property tax rules, the Bruhat Bengaluru Mahanagara Palike (BBMP) has launched adjustments in the best way property tax is calculated for lined and stilt parking areas in each residential and business institutions throughout town.
BBMP HQ (WIKI COMMONS)
The brand new transfer goals to standardize and cut back the tax burden on parking areas.
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In response to the revised Unified Annual Worth (UAV) charges, the property tax on parking areas shall be calculated in a different way for residential and business properties.
For residential properties, the property tax on a 150 sq. ft parking slot shall be calculated at 20 per cent of the whole worth, which is set by multiplying the parking space by 10 months and a charge of ₹2 per sq. foot. This leads to an annual tax of ₹600 (20 per cent of ₹3,000).
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For business and non-residential properties, the property tax shall be calculated at 25 per cent of the whole worth, utilizing a charge of ₹3 per sq. foot. The annual tax for a 150 sq. ft parking slot in such properties will come to ₹1,125 (25 per cent of ₹4,500).
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These adjustments are anticipated to have a considerable influence on each residential residence house owners and business property holders, simplifying the taxation course of whereas providing a discount in tax liabilities.
The brand new charges shall be carried out with fast impact, and property house owners are inspired to examine the revised tax slabs for correct calculations.
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