Capital Value-based property tax scheme implementation withheldCapital 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.
to media reports, CVS will be levied based on the land value, type of building
and the construction material used.
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