February 21, 2024: The Karnataka Legislative Assembly passed the BBMP Amendment Bill 2024 on February 20, 2024, aimed at providing relief to property taxpayers in Bangalore by reducing their penalties on outstanding dues by 50%, according to media reports. The move is expected to result in savings of Rs 2,700 crore for the citizens.
According to a Livemint report, the deputy chief minister, DK Shivakumar, highlighted the benefits of the bill for various segments of the city’s population. An estimated 13-15 lakh individuals, including taxpayers, those outside the bracket and partial taxpayers are expected to gain from the provisions of the bill.
The bill also prioritises social welfare by exempting government housing and slum dwellings from penalties, providing special rebates to underprivileged communities and waiving interest on dues exceeding five years.
Furthermore, the amendment streamlines the system by capping property tax penalties for residential and mixed-use properties at five years, regardless of the initial default duration. The move provides clarity and predictability for homeowners.
Shivakumar emphasised the government’s commitment to reducing the burden on ordinary citizens, despite the financial impact on the state.
See also: How to pay BBMP property tax in Bangalore?
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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