I have come across many queries related to commercial property tax, including ‘how to calculate commercial property tax?’ Commercial property tax is levied on any property that is used for business purposes/commercial reasons. Keep reading to know more. Need help finding the right tenants? Check out NoBroker Owner plans and let experts help youHow is commercial property tax calculated online?Generally, Commercial property tax is calculated by multiplying the taxable value of property with the Tax rate of the state.For example, if the taxable value of a commercial property is Rs. 1 crore, and the applicable tax rate is 2%, then the commercial property tax would be Rs. 2 lakhs. If you live in Bangalore, you can visit the official website of BBMP and virtually calculate commercial property tax. The steps are given below. 1. Open the BBMP website 2. Select the group, assessment year, category, sub group, zone, yera of sontcrution etc. 3. Click on submit 4. The tax amount will be displayed on the screen.How are commercial property taxes calculated?There is a formula to calculate commercial property tax in Bangalore . This formula is as follows – Property Tax (K) = (G – I) x 20% + Cess @ 24% of the property tax calculated Where, G = X + Y + Zand I = G x H/100In the formula, the values are described as follows –G = Gross Unit Value which is equal to the aggregate of the following:
The tenanted property area x 10 months x rate per square feet
Self-occupied property area x 10 months x rate per square feet
Area for vehicle parking x 10 months x rate per square feet
I = amount of depreciation which is calculated by multiplying the Gross Unit Value with the percent of depreciation applicable on the property. The depreciation rate depends on the property’s age.
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How to calculate commercial property tax?
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April 28, 2023
2023-04-28T20:28:29+00:00 2023-05-01T10:55:16+00:00Comment
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Property Tax
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