The BBMP has set a target of collecting of Rs 2,400 crore worth property tax for the financial year 2015-16. They have already collected Rs 1,489 crore and is expected to exceed the target by March.
The tax rates remain the same for the financial year of 2014-2015 as the previous year.
If entire tax is paid before 30th April, you will earn a rebate of 5% on your incurred tax amount. If tax of 1st half of the year is not paid before 30th May, you will be charged an interest of 2% per month after that.
In case of payment in installments, for interest-free payment you need to make the 1st payment before 30th May and the second before 29th November.
If your tax details starting from 2008-2009 to 2013-2014 are available online, you can pay your BBMP property taxes online using your credit/debit card through the BBMP website. In this case, no transaction charges will apply. You will need your BESCOM & BWSSB connection R.R. Numbers or Meter Number while filling the online form.
The civic body has proposed this move in order to cover the gap between its revenue and expenditure. BBMP has already sent the proposal to the state government and intends to bring the revised property tax into effect from 1st April 2016.
You can make the online payment through BBMP's website with the help of VIsa debit cards or Master Card issued from any banks and transaction charges will not be charged.
Even you can pay the property tax through net banking. People having account on 33 specified banks can avail the net banking procedure through the IndusInd payment gateway.
You can pay the property tax in cash, by cheque, DD or pay order at select branches of nine banks namely HDFC Bank, IDBI Bank, Canara Bank, Corporation Bank, Induslnd Bank, Kotak Mahindra Bank, Yes Bank, Indian Overseas Bank and ING Vysya Bank. You can collect the application forms at BengaluruOne centres, bank branches and ARO offices on payment of Rs 5 or fill up the form online and submit it at the centre chosen.
Tax payment can also be made in two installments. The first installment need to be paid by May 30 and the second one by November 29. But if you are paying the total property tax on or before April 30, then you can avail 5% rebate.