Karnataka DCM DK Shivakumar Announces One-Time Settlement for Property Tax in Bengaluru

Karnataka Deputy Chief Minister D K Shivakumar, who oversees Bengaluru Development, announced a significant initiative for property owners in Bengaluru, called The 'One Time Settlement' (OTS) scheme. The scheme is  for overdue property taxes and provides a unique opportunity for property owners to clear their outstanding dues with substantial concessions. The scheme is available until July 31, 2024, offering a 50% concession on penalties and a 100% concession on interest payments.

Key Provisions of the OTS Scheme

The OTS scheme is drafted to alleviate the financial burden on property owners and encourage them to settle their overdue taxes:

- Duration: The scheme ends on July 31, 2024.

- Concessions: Property owners can avail a 50% reduction on penalties and a full waiver on interest payments for overdue property taxes.

"The BBMP (Bruhat Bengaluru Mahanagara Palike) had not actively pursued property tax outstanding due to elections. The one-time settlement (OTS) scheme will end on July 31 and hence I urge people to make use of the opportunity to clear the outstanding payments," said Mr. Shivakumar.

Encouraging Compliance

The scheme has already seen a positive response, with over 50,000 property owners settling their taxes. However, there are still approximately 4 lakh property owners who have yet to clear their dues. These individuals will be classified as defaulters from August 1 if they fail to take advantage of the OTS scheme.

To further incentivize compliance, the Deputy CM mentioned that property owners currently outside the tax bracket who pay taxes and provide proof within 90 days will be granted a property tax account. This move aims to bring more properties into the formal tax system, ensuring broader compliance and increased revenue.

The 'One Time Settlement' scheme introduced by Deputy Chief Minister D K Shivakumar is a significant step towards resolving the issue of overdue property taxes in Bengaluru. By offering substantial concessions and a clear deadline, the government is providing a fair opportunity for property owners to clear their dues without facing heavy penalties or interest. 

As Bengaluru continues to grow and evolve, such initiatives are crucial for maintaining the city's financial health and ensuring that civic amenities and infrastructure are adequately funded. Property owners are encouraged to take advantage of the OTS scheme before the deadline to avoid being deemed defaulters and to support the city's development efforts.

Image source- thehindu.com