Two major announcements were made in February 2024: Karnataka Assembly passed the BBMP Amendment Bill 2024. Bengaluru development/Deputy Chief Minister DK Shivakumar on X (twitter) hailed it as a taxpayer-friendly Bill. The amendment was projected to benefit around 13-15 lakh people in Bengaluru, including 5.51 lakh taxpayers, by reducing the penalty on property tax arrears by 50%. This was followed, on February 20th, by BBMP’s draft notification proposing a new property tax calculation structure in Bengaluru. The new structure, based on Guidance Value (GV), is expected to begin during the next financial year, starting April 1st. Tax computation Municipalities in…
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