India, April 1 -- In a significant update to property tax regulations, the Bruhat Bengaluru Mahanagara Palike (BBMP) has introduced changes in the way property tax is calculated for covered and stilt parking spaces in both residential and commercial establishments across the city.

The new move aims to standardize and reduce the tax burden on parking spaces.

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According to the revised Unified Annual Value (UAV) rates, the property tax on parking spaces will be calculated differently for residential and commercial properties.

For residential properties, the property tax on a 150 square feet parking slot will be calculated at 20 per cent of the ...