SELF-ASSESSMENT SCHEME 

Capital Value Based Self Assessment Scheme Of Property Tax

            The following Acts, which introduced the system of self-assessment of property tax, came into force with effect from    19-11-2001.

1.       The Karnataka Municipalities (Amendment) Act, 2000

2.         The Karnataka Municipal Corporation (Amendment) Act, 2000

            The system of assessing property tax on annual rental value has been repealed under these Acts. Keeping in view the estimated market value of the land and the estimated cost of construction of the building, the system of property tax assessment based on taxable capital value has been introduced.

            The property tax is levied on percentage of the taxable capital value of the property, taking into consideration the location, area of land, type of building, plinth area of the building, age of the building and nature of use of property. Provision is made for the owners of the property to self assess the tax and file returns. Participation of taxpayers play major role in increasing openness and transparency in property tax administration.

             The information regarding self-assessment of property tax and the policy formulated has been classified into three parts and are mentioned below.

 1.The Intention of Self-Assessed Property Tax System.

2. Method of Self-Assessment of Property Tax.