The Karnataka Legislative Assembly’s passage of the BBMP Amendment Bill 2024 on February 20 heralds significant relief for Bengaluru residents grappling with property tax burdens. The bill, lauded as taxpayer-friendly, slashes penalties on outstanding dues by a remarkable 50 per cent, potentially saving citizens an estimated ₹2,700 crore, as reported by ANI.
Championing the bill, Deputy Chief Minister DK Shivakumar underscored its far-reaching benefits for diverse segments of Bengaluru’s population. It is estimated that around 13-15 lakh individuals, encompassing taxpayers, those falling outside the tax bracket, and partial taxpayers, stand to reap the rewards of this legislative intervention.
Moreover, the bill demonstrates a commitment to social welfare by exempting government housing and slum dwellings from penalties. It also offers special rebates to underprivileged communities while waiving interest on dues outstanding for over five years.
In addition to these provisions, the amendment brings about much-needed streamlining of the property tax system. Penalties for residential and mixed-use properties are now capped at five years, irrespective of the initial default duration. This move enhances transparency and predictability for homeowners navigating the intricacies of property tax regulations.
Minister Shivakumar underscored the government’s unwavering commitment to alleviating the financial burden on ordinary citizens, acknowledging the fiscal impact on the state. This decision marks a significant departure from the policy of the previous BJP government, which had doubled penalties, causing undue hardship to many residents.
Overall, the passage of the BBMP Amendment Bill 2024 represents a commendable stride towards rendering property tax regulations more manageable and equitable for the residents of Bengaluru. The bill’s emphasis on reducing penalties, prioritizing social welfare, and streamlining the tax system reflects a concerted effort to promote financial inclusivity and alleviate the burdens faced by taxpayers in the city.
