The state government of Karnataka has assured that property taxes will not increase in the upcoming fiscal year 2024-25, dispelling concerns raised by earlier talks of a new tax calculation method. Deputy Chief Minister DK Shivakumar clarified that recent rumours about significant tax hikes starting April 1, 2024, are false. The current tax computation method, based on property zones' "guidance value" since 2016, will remain unchanged. Bengaluru's municipal corporation, BBMP, is updating its property tax management software, making stability crucial amidst these changes. To combat misinformation, BBMP chief commissioner Tushar Giri Nath stated that action will be taken against those spreading false news about tax increases, ensuring residents' financial peace of mind.
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The state government of Karnataka has confirmed that there will be no increase in property taxes for the upcoming fiscal year 2024-25. This comes after some confusion and concerns sparked by earlier talks of a new property tax calculation method, which could have potentially raised taxes significantly.
Recent social media posts and rumours suggested a sharp rise in property taxes starting April 1, 2024. Deputy Chief Minister DK Shivakumar has clarified that these claims are entirely false. The property tax computation method will remain unchanged, following the system implemented in 2016. This system uses a formula based on a "guidance value" assigned to different property zones. While the specific details of the formula are not mentioned here, residents can likely find them on the BBMP website.
The decision to maintain the current system likely considers several factors. One reason might be the ongoing process of updating Bengaluru's property tax management software by BBMP (Bruhat Bengaluru Mahanagara Palike), the city's municipal corporation. Implementing a new tax calculation method alongside a software update, which could impact hundreds of thousands of residents, could be disruptive for both residents and BBMP.
The government is taking steps to address the spread of false information. BBMP chief commissioner Tushar Giri Nath has confirmed that action will be taken against those who spread fake news about property tax hikes. This could involve fines or even legal action depending on the severity of the misinformation.
Bengaluru residents can rest assured that their property taxes will remain stable for the coming year. This provides much-needed financial stability, especially considering the recent rise in the cost of living in the city. This stability will likely be welcomed by the millions of residents who call Bengaluru home.
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