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Property tax, ads, FAR to make Palike richer

In the 2022-23 fiscal year, the BBMP earned Rs 2,396 crore from property tax. This figure is estimated to reach Rs 3,000 crore by the end of this financial year. For the 2024-25 budget, the target for property tax collection has been set at Rs 3,800 crore.
Last Updated 29 February 2024, 21:24 IST

Bengaluru: The BBMP is likely to be richer in the financial year, thanks to the slew of reforms it has initiated in the revenue division. Reforms such as a guidance value-based property tax system and new licenses to install advertisement hoardings are expected to significantly increase the annual revenue to Rs 4,300 crore. Additionally, the premium floor area ratio (FAR), approved by the government, is set to provide a new revenue stream for the BBMP, with an anticipated income of Rs 1,000 crore.

In the 2022-23 fiscal year, the BBMP earned Rs 2,396 crore from property tax. This figure is estimated to reach Rs 3,000 crore by the end of this financial year. For the 2024-25 budget, the target for property tax collection has been set at Rs 3,800 crore.

Both the advertisement and premium FAR policies are expected to be implemented in the new fiscal year.

BBMP officials have stated that no user fee will be introduced for doorstep garbage collection, as the budget has allocated Rs 1,000 crore to Bengaluru Solid Waste Management Ltd. While approximately 60% of these funds are allocated for the collection and transportation of garbage, the budget has not specified how the remaining funds will be used.

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(Published 29 February 2024, 21:24 IST)

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