Amendment status not verified — confirm the current text below against the official source.
Revision of Property Tax.- The property tax assessed and levied under this chapter shall be revised as and when there is a revision of the Guideline Value of the building, property or land under section 45B of the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957). Provided that any revision of property tax due to addition, removal, change in use, alteration or variation in any building or land or property shall be applicable immediately and be applicable from immediate next property tax due date – 31th of May or 30th of November – as the case may be. The khatadar or occupier shall report such changes to the City Corporation within six months from the date of completion or occupation – whichever is earlier – and also file his revised property tax returns: Provided further that in case there is no revision in the Guideline Value of the buildings, properties or the lands under section 45B of the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957) , in a year, the property tax shall stand revised by five percent every such year: Provided also that as and when the Government notifies value of land and buildings under section 45B of Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957), the revised property tax rates based on the new revised value of properties or land shall be calculated and compared with the prevailing property tax rates and the higher of the two shall be adopted: Provided also that nothing contained in this section shall be deemed to affect the power of State Government to direct an earlier revision of property tax.