Wednesday, Mar 30, 2005
Wednesday, Mar 30, 2005 |
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Bangalore
By Our Staff Reporter
BANGALORE, MARCH 29. The Bangalore Mahanagara Palike (BMP) has written to the State Government seeking permission to increase the tax rates under the new capital value based scheme (CVS) for property tax collection. Sources in the BMP told The Hindu on Tuesday that the civic body's revenue will be affected because of the recent amendment to the Karnataka Municipalities and Certain Other Law (Amendment) Act, making it mandatory for all municipalities and corporations to fix the rates under CVS at 50 per cent of guidance value of properties. "The market value of properties in Bangalore is higher compared to other places in the State. There cannot be uniformity in tax rates. We have requested for an amendment to the Karnataka Municipal Corporations (KMC) Act so that we can have tax rates proportionate to the market value of properties in the city," sources said. The rate of tax for residential properties under CVS is now between 0.3 per cent and 0.6 per cent of the capital value of buildings. For commercial properties, the rate is between 0.5 per cent and 1.5 per cent. The civic body has to fix tax rates between these limits.
New rates proposed
Sources said the BMP plans to increase the rate, and the new rates proposed are between 0.3 per cent and 1 per cent for residential properties and between 0.5 per cent to 3 per cent for commercial properties. "The amendment to the Act was welcomed by all other local bodies as it has brought down the total tax amount. But if the rates are calculated at 50 per cent of the guidance value, it will not be beneficial for the BMP as it will bring down the tax rates and hit our revenue by over Rs. 60 crores," sources said.
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