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Wednesday, November 6, 2024

Karnataka Deputy CM Introduces OTS Scheme for Overdue Property Taxes

In a move aimed at easing the burden on property owners in Bengaluru, Deputy Chief Minister D K Shivakumar has unveiled the ‘One Time Settlement’ (OTS) scheme for overdue property taxes. This initiative, overseen by Mr. Shivakumar who is responsible for Bengaluru’s development, offers significant concessions to individuals with outstanding tax dues.

Key Features of the OTS Scheme

Under the scheme:

  • Deadline: Property owners have until July 31, 2024, to avail of the benefits.
  • Concessions: Those participating can enjoy a 50% reduction in penalties and a complete waiver on interest payments for overdue property taxes.

Mr. Shivakumar emphasized the importance of this opportunity, urging property owners to take advantage of the scheme before its conclusion.

Encouraging Participation

The announcement has sparked positive reactions, with over 50,000 property owners already settling their taxes. However, an estimated 4 lakh individuals still have outstanding dues. From August 1 onwards, those who haven’t utilized the OTS scheme will be classified as defaulters.

To incentivize compliance further, the Deputy CM outlined a provision for property owners currently not paying taxes. Those who pay their dues and provide evidence within 90 days will be granted a property tax account, aiming to expand the formal tax base and enhance revenue collection.

Significance of the OTS Scheme

Deputy Chief Minister D K Shivakumar’s introduction of the ‘One Time Settlement’ scheme marks a significant step in addressing overdue property taxes in Bengaluru. By offering substantial concessions and a clear deadline, the government aims to facilitate the timely clearance of dues without imposing heavy penalties or interest.

As Bengaluru continues its growth trajectory, initiatives like these play a vital role in ensuring the city’s financial stability and funding essential civic amenities and infrastructure projects. Property owners are encouraged to seize this opportunity before the deadline to avoid default status and contribute to the city’s development endeavors.

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