The Population in this country has been on the rise for quite a while now. And along with it, so has the market for residential and commercial properties. Given these facts, now might be a really good time for you to invest in property.
Owning a property under your name feels all great, no doubt. But, you also need to know how to maintain it well enough. This includes knowing how to get the monotonous and mundane job of paying your property tax on time.
Often, this task feels like a long and tedious process. Most people face a certain amount of difficulty in calculating and paying their taxes on time. This guide is exclusively designed in order to help you pay your tax on time and make it a lot easier too.
The BBMP (Bruhat Bengaluru Mahanagar Palike) is the body which is responsible for collecting property tax in Bangalore. In order to pay your tax efficiently, and on time, you first need to know how to calculate your total tax amount. Now, there is a certain way of calculating your total payable tax, which is based on the Unit Area Value System.
This system takes 4 target areas into consideration, namely
- The zone in which the property is located.
- The total built up area of the property.
- The year in which the property was constructed.
- The overall parking area which has been dedicated to it.
After you have all the information regarding your property at your disposal, it’s time to pay your tax. This can be done in 4 different ways.
Pay At The BBMP Office
You will need to go to the closest BBMP office and pick up a form. There are two different forms, which are Form IV and Form V.
- Pick Form IV if your property has not undergone any modifications and structural changes over the last two years.
- Pick Form V if you have altered the structure and the build of your premises in any way over the last year.
Fill up the details about the 4, aforementioned target areas in your respective form. Use the Unit Area Value system to calculate the payable amount. This is your total property tax, which you can pay at the office and walk away without a frown.
The internet wasn’t invented just for checking your social media notifications. Turns out you can pay your property tax online too.
All you need to do is visit the BBMP website, enter your application number, your personal details and your property details. The inbuilt auto calculator on the website will show you the total amount you need to pay. The payment can be made via your debit or credit card. No transaction charges are applied if you use a credit card.
Another way to clear your taxes and be a humble citizen is through the help of banks. BBMP has authorised certain banks and enabled them to collect property tax, so it gets easier for account holders.
Canara Bank, HDFC Bank, IDBI Bank, Induslnd Bank, Kotak Mahindra Bank, Yes Bank and Ing Vyasa Bank are a few of these corporations which allow you to walk up to their desks and conveniently pay your tax.
Assistant Revenue Officer
Every one of the 6 zones in Bangalore has been assigned an assistant revenue officer. Another option to pay your taxes is by visiting one of their offices. Normally, the working hours are between 9.30 AM to 12 AM and 3 PM to 7 PM.
If you make the right calculations and if you patient enough with the entire process, paying your property tax on time should be no big deal. Also, one needs to remember that a 2% fee is added to the total amount if you are late and the government doesn’t accept cheques in lieu of property tax. If you are still having trouble calculating your tax, you can hire a property lawyer or an architect who can help you accelerate the process.