Bengaluru civic body announces new property tax structure for parking spaces | Bengaluru

In a significant update to property tax regulations, the Bruhat Bengaluru Mahanagara Palike (BBMP) has introduced changes in the way property tax is calculated for covered and stilt parking spaces in both residential and commercial establishments across the city.

The new move aims to standardize and reduce the tax burden on parking spaces.

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According to the revised Unified Annual Value (UAV) rates, the property tax on parking spaces will be calculated differently for residential and commercial properties.

For residential properties, the property tax on a 150 square feet parking slot will be calculated at 20 per cent of the total value, which is determined by multiplying the parking area by 10 months and a rate of ₹2 per square foot. This results in an annual tax of ₹600 (20 per cent of ₹3,000).

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For commercial and non-residential properties, the property tax will be calculated at 25 per cent of the total value, using a rate of ₹3 per square foot. The annual tax for a 150 square feet parking slot in such properties will come to ₹1,125 (25 per cent of ₹4,500).

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These changes are expected to have a substantial impact on both residential apartment owners and commercial property holders, simplifying the taxation process while offering a reduction in tax liabilities.

The new rates will be implemented with immediate effect, and property owners are encouraged to check the revised tax slabs for accurate calculations.

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