The following piece of valuable information was obtained from TNN.
Lok Sabha poll effect: tax slides to Y2K rate
Property Tax Under SAS; 5% Rebate If Paid In Lump Sum
Naheed Ataulla | TNN
Belgaum: The Karnataka government has begun raining goodies keeping the Lok Sabha elections in mind. Bangalore citizens bagged the first hamper — low property tax. It is now to be paid under the revised Self-Assessment Scheme (SAS) but scaled down to the rates that prevailed in 2000. An added bonus is, if the property tax is paid in lump sum, though there is an option to do so in two equal instalments, a rebate of 5% will be given on the tax.
BBMP will start collecting property tax from February 1. The second and final instalment has be paid within 30 days of February 1. The revised property tax, which had envisaged a hike of up to 20%, has been withdrawn..Piloting the Karnataka Municipal Corporations (Amendment) Bill 2009 in the legislative assembly on Thursday, transport minister R Ashok said, “The citizens will pay less tax than what they paid in 2000. Besides the depreciation rate applicable, which depends on the age of the building, it will also bring down the SAS on such properties.’’ Read More
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