The Bruhat Bengaluru Mahanagara Palike (BBMP) has made important changes to the way property tax is calculated for parking spaces in Bengaluru. This update affects both residential and commercial properties, to make the process easier and reduce the tax burden.
Key Changes to Property Tax for Parking Spaces in Bengaluru:
1. For Residential Properties:
- A 150 sq. ft. parking space will be taxed at 20% of its total value.
- The value is calculated by multiplying the area (150 sq. ft.) by 10 months and ₹2 per sq. ft.
- The total value is ₹3,000 (150 sq. ft. × ₹2 × 10 months).
- The tax is 20% of ₹3,000, which means an annual tax of ₹600.
2. For Commercial Properties:
- A 150 sq. ft. parking space will be taxed at 25% of its total value.
- The value is calculated by multiplying the area (150 sq. ft.) by 10 months and ₹3 per sq. ft.
- The total value is ₹4,500 (150 sq. ft. × ₹3 × 10 months).
- The tax is 25% of ₹4,500, which means an annual tax of ₹1,125.
These changes are effective immediately. The goal is to make property tax easier and lower the burden on property owners.
