Bengaluru Announces Reduction in Parking Tax for Residential Areas

People in Bengaluru are facing both benefits and challenges due to increasing employment opportunities. Along with higher costs, such as milk prices, taxes, and school fees, many residents are struggling with their finances. However, there is some good news for them.

The Brihat Bengaluru Mahanagara Palike (BBMP) has decided to reduce parking taxes for residential properties. Originally, the BBMP proposed a parking fee of Rs 2 per square foot, but after facing strong opposition, they have reconsidered.

The BBMP announced the reduction in parking taxes on Monday. Deputy CM DK Shivakumar is expected to make an official announcement soon. The new rates will be much lower for residential properties compared to commercial ones.

Since 2008, parking taxes have been included as part of property tax. Fifty percent of the total property tax is collected from properties with parking space. The BBMP plans to reduce this further.

For commercial properties, the parking tax will be reduced from Rs 7 per square foot to Rs 3. The highest commercial tax will be Rs 12.50 per square foot. For residential properties, the parking tax may be reduced from Rs 2.10 to Rs 2 per square foot.