Property tax: B’loreans can heave a sigh of relief now

Property tax: B’loreans can heave a sigh of relief now
Wednesday December 19 2007 08:16 IST

EXPRESS NEWS SERVICE

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BANGALORE: As the Central Valuation Committee (CVC) has increased the guidance value of buildings by 40 per cent in the State, Bangaloreans can heave a sigh of relief.

The Bruhat Bangalore Mahanagar Palike (BBMP) would not take the revised value into account for computing property tax.

Sources at Palike revenue department told this website's newspaper that the Public Works Department, which recommends value of buildings to CVC, had increased the value for use in its work contracts.

Earlier this year when BBMP decided to adopt capital value system of taxation, it had said that guidance value as on February 2007, would be referred. Further, land value is not revised and it would not be fair to use different references for land and buildings, sources said.

The buildings are valued at a maximum of Rs 680 per square feet, which is revised at Rs 950 per sq ft. The value as registered at stamps and registration department is the basis for property tax and stamp duty.

The new tariff of guidance value for buildings with RCC, granite and teak is Rs 950/sq ft for ground floor and Rs 900/sq ft for first floor in BBMP area.