Bringing a revision to property tax in urban local bodies, the state government on Tuesday notified an amendment to the Karnataka Municipalities Act and the Karnataka Municipal Corporations Act, by promulgating an ordinance.
As per the amendment, the range of taxation which was earlier fixed between 0.3% and 1% earlier, has now been revised to 0.2% and 1.5% of the capital value of the property, for residential and non-commercial properties.
As per the new regulations, apart from the revision in the range of taxation for properties, the tax will also be levied on vacant spaces abutting a building, for a space that is more than 1,000 sq ft.
The amended legislation specifies that the property tax will be subject to assessment in the year of revision of guidance value of the property. In the year where there is no revision, the tax will be enhanced by three per cent.
Published 19 January 2021, 17:26 IST