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Karnataka
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Bangalore
Reintroduction of CVS opposed
Staff Reporter
Bangalore: The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) on Tuesday made it clear that it is opposed to reintroduction of Capital Value System (CVS) for property tax assessment in Bangalore even if the State Government modifies the scheme.
Addressing presspersons here, federation president D. Muralidhar said there was no need to introduce the CVS when the Annual Ratable Value (ARV) based system had reformed the property tax collection system in the city.
The only need is to bring all the properties under the tax as at present owners of only 40 per cent of total properties in the city are paying tax, he added while pointing out that the Bruhat Bangalore Mahanagara Palike revenue would increase considerably when it collects tax from all properties.
Many members of the FKCCI challenged the CVS system while contending that the present guidance value (that is estimated market value) of the property cannot be a basis for properties purchased decades ago.
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