BBMP unlikely to reach property tax collection target

BBMP unlikely to reach property tax collection target

Despite drastically improving its property tax collection this year, the BBMP is unlikely to achieve its intended target.

With a month-and-a-half to wrap up collections for this financial year, the civic body has achieved a mere 78% of the intended target. Collections stood at Rs 2,044 crore as on February 7, while the BBMP has set Rs 2,600 crore as the target.

Ruling party leader in BBMP M Shivaraju told a press conference that the International Credit Rating Agency (ICRA) has given Bengaluru A minus (A-) rating for the way the city strengthened its financial system.

"We've scaled from the C Plus (C+) rating last year," he pointed out, adding that the improvement was possible since the BBMP reclaimed some of its mortgaged properties such as the Malleshwaram market. In 2016-17, the BBMP achieved 93.74% of its intended property tax collections, getting Rs 2,156 crore against Rs 2,300 crore.

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