New formula to compute property tax in Bangalore
The state government has decided to redraw area-wise zones based on current market guidance value.
The formula is that the property tax is based on the guidance value of the properties in the particular zone and the tax will be charged accordingly. The tax hike might come into effect from April 1, 2016 as it had not been revised since 6 years.
The Bruhat Bengaluru Mahanagara Palike (BBMP) has already begun the zonal regulation process in all 198 wards.