Bengaluru, termed as the ‘Silicon valley of India’ is an upward city that has many things to offer to the country educational wise. The city is in the booming stage from all perspective thus giving inertia to the scopes of earning from property development and investment in it. It is not only the natives but also migrants from other countries are making the place their homeland. With ITES and BPOs mushrooming in rampant, the employment opportunities is getting high scopes in here.
Since investment in the various Bangalore properties have grown rapidly, the demand of property tax has also risen to great extent. With the much hard efforts of the most prestigious Bangalore Mahanagra Palika, the people residing in the Silicon Valley are encouraged to make a search of property tax online. Besides, the BMP has also introduced a service through the Internet which has enabled people to reimburse all the payments through the Internet with credit card. Therefore, anyone can rely on BMP which looks into the nitty gritty of matters related to property tax and any detail related to it.
BMP has introduced a very transparent service, which has helped every individual with a property investment to get into the details of tax related issues and get a clean chit on any pertinent issue related to property tax. The first step towards making the whole matter seem uncomplicated is by introducing an ID number to every property, by which the property will be recognised. This is known as Propert Identifucation Number or PIN, which has smoothened the collection of tax of tax against each property hassle-free. The PID incorporates details of Street number, Ward number, and also the Door number of each property. This helps in eventually identifying the properties and collecting tax against them. Any individual can collect the PID number against his property and also detailed information related to it.
Hence, the whole thing has made the approach towards property tax less complicated and very mirrored.
The Different Tax rates for Properties in Bangalore
Since Bangalore is the stable source of job market, therefore the interest rates for property taxes are also very high. There is a wide development of BPOs and software companies all over Bangalore, which apparently shows the demand of job centers in the Silicon Valley. Since many people are streaming in here to seek their dream jobs, therefore the growth of IT companies have increased massively. This has directly encouraged the property tax rates to increase.
To be more practical, the tax rates are proportional to the total value of each property. The rates are actually determined street wise and ward wise. Remember, though the demand of properties has triggered a high tax rate, but there should be a definite determinant for deciding the tax rate. However, the scenario took to a complete change from 2007 when tax rates changed drastically due to some cropping reasons.
The Centre Valuation Committee in integration with Inspection general of the Commissioner and Registration of Stamp, made those changes. They influenced the not only the assessment of property tax rates, but also title transfer of property and tax collection. The assessments of the tax rates of properties were since then calculated on the basis of location of property whether on main road, the residential layouts and capital value system. However, the BMP now introduces a completely new system that helps in the self-assessment for the property tax rates.
Property Tax through Online facilities- How it is conducted?
Bangalore I one of the most coveted destinations and it has also received the most international recognition for being a very popular city. As far as online tax is concerned, the whole process is most transparent thus allowing the city dwellers to conduct a tax relation with the tax department without leaving any potholes.
The taxation purposes in Bangalore are sorted out for both vacant and filled up properties. You can say that the place is an IT hub and therefore the city witnesses many people streaming in from other localities. Since many get settled here in Bangalore, therefore this increases the number of tax payers from the city. However, there is a major drawback that can be observed in the city. It can yet be found that there are many properties which are not being assessed properly. Since the number of tax payers have increased immensely, this has notched up a reason why there are so many properties which un-assessed.
With the growing days, it has been observed that there is a persistent problem. The number of dis-satisfied people has always increased. They are not at all satisfied with their property tax and the method of payment. Therefore, to dispel such kind of problem, the BMP introduced the online facility, which is very much transparent. Through the site, people can now submit all their queries and also sort them out to understand how they can remove their grievances related to property tax related issues.
The best part is that the whole process of applying for queries is very easy. People can now file their complaints through the site or telephone or through the aid of BMP office. One will find many consultancy services pertinent to property tax related matters, thus helping them a lot in solving matters. The tax consultants appearing from such consultancies are very much of help since they can extend great help and suggestions related to matters like appraisal or assessment of properties, deduction related to property tax and any other related minute details. One will also find the tax calculators who are always on alert to calculate your property tax and give you a readymade information.
You can always rely on the services of Municipal corporation of Bangalore who have simplified the process of tax payment to a great extent. This has helped you in understanding what should be your tax and the amount of risk and procedures that are involved with the tax payment. Hence, with the joint effort of BMP, and Bangalore government, paying property tax and bringing transparency in the process have become an easy affair.