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Capital Value-based property tax scheme implementation withheld

Capital Value-based property tax scheme implementation withheld

Apnaloan.com Research Bureau

02 Apr 2008

The divisive Capital Value-based property tax Scheme (CVS) which was to be implemented from April 1 in Bangalore, was held back by Governor Rameshwar Thakur for an indefinite period.

Sources believe that the scheme will not be implemented till an elected government assumes office in the state. 

So, as of now, property owners have to pay their taxes for the current year under the Self Assessment Scheme (SAS) as per Annual Rateable Value (ARV). 

CSV will be operational in all the seven old municipalities which were merged to form the Greater Bangalore City Corporation (GBCC). The old scheme (SAS) will be operational in the erstwhile BCC limits only. 

According to media reports, CVS will be levied based on the land value, type of building and the construction material used.

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