Table of Contents
Introduction
With the exponential rise in urbanization and real estate development, the significance of comprehending the nuances of property tax has never been more essential. For the residents of Bangalore, one such significant taxation is the BBMP Property Tax, levied by the Bruhat Bengaluru Mahanagara Palike. However, it’s a common contemplation to find the legal means to save or reduce this property tax. This article will throw light on how you can reduce your BBMP property tax legally and explore how to check property tax paid details.
What is BBMP Property Tax?
Bruhat Bengaluru Mahanagara Palike or BBMP, the administrative body in Bangalore, imposes a property tax on all properties lying within its jurisdiction. Property tax is a prime source of revenue for BBMP to fund its infrastructural, public welfare, and administrative expenses. Becoming aware of how you can legally diminish your BBMP property tax can significantly impact your financial planning.
Methods to Reduce Your BBMP Property Tax
1. Proper Categorization of Your Property:
BBMP segregates properties into six zones, A-F, based on location and civic amenities available. Moreover, the BBMP property tax varies among these zones. By ensuring your property is correctly categorized, you can avoid paying excess taxes.
2. Depreciation Rates:
One of the essential components while calculating the BBMP property tax is your property’s Age. BBMP provides certain depreciation rates based on the age of the property that can be availed. Ensure you appropriately account for this depreciation while calculating your property tax.
3. Regular Tax Payments:
Avoiding penalties can be an effective way to save on property taxes. BBMP levies a heavy penalty for delayed tax payments. Therefore, make sure to pay your tax promptly within the dates specified by BBMP.
4. Tax Exemptions:
There are several provisions under the BBMP taxation system for tax exemptions. Some of them include properties owned by ex-servicemen, educational institutions, and charitable organizations. Verifying your eligibility and availing these exemptions can reduce your tax burden.
Checking Property Tax Paid Details
Another crucial aspect of managing your BBMP property tax is to keep track of your payments. Being aware of how to check property tax paid details can save you from unnecessary hassles. BBMP provides an online facility to review your payment details and history.
1. Visit the BBMP property tax payment web portal.
2. Under the ‘Search and Pay tax’ tab, select the year for which you wish to view the property tax payment details.
3. Enter the necessary details like SAS Base Application Number or PID Number and select ‘Fetch.’
4. The portal will display your property tax paid details for the selected year.
BBMP also provides a ‘Print Receipt’ option for easy documentation of your payments.
Conclusion
Reducing your BBMP property tax is not an uphill task, especially if you know the legal channels. Proper categorization, availing the right depreciation rates, making timely payments, and using tax exemptions can play a significant role in reducing your property tax. Moreover, checking and documenting your property tax paid details can save you from potential discrepancies or disputes in the future. Owning a property is a dream for many, but being well-informed about the taxes associated with property ownership can make the dream more enjoyable and less stressful.
