Bengaluru: Get 5% rebate on property tax until July 31

Bengaluru: The 5 per cent rebate on property tax — usually offered for the first two months of the financial year — will remain in force until July-end. 

The BBMP issued a circular to this effect on Thursday, anticipating the start of the model code of conduct. The rebate will last until the working hours on July 31, 2024. 

Under Section 144 (8) of the BBMP Act 2020, the civic body can give a 5% rebate to property owners who make the payments at the beginning of a financial year. 

BBMP officials said the civic body might continue computing property tax through a self-assessment scheme because the state government has yet to notify the guidance value-based property tax system it announced last month. The new system has been put on hold after residents, political parties and traders expressed concerns about a substantial increase in the annual tax. 

Earlier this week, the BBMP launched a new scheme where owners could pay property tax even before obtaining the khata certificate. The scheme will be rolled out on March 20, officials said. 

For 2024-25, the BBMP aims to target Rs 3,800 crore in property tax.