(1) The Regional Development Authority shall be competent to levy property tax on all buildings and lands situated within the Special Investment Region as per the provisions of the Karnataka Gram Swaraj and Panchayat Raj Act, 1993 (Karnataka Act 14 of 1993), the Karnataka Municipalities Act, 1964 (Karnataka Act 22 of 1964), the Karnataka Municipal Corporations Act, 1976 (Karnataka Act 14 of 1977), the Bruhat Bengaluru Mahanagara Palike Act, 2020 (Karnataka Act 53 of 2020) or rules made their under or Planning Authority or byelaws framed thereunder, from which the concerned Special Investment Region is carved out. The rules applicable to the concerned local authority shall be mutatis mutandis applicable to the Regional Development Authority for assessment, imposition and recovery of taxes.
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(2) The Regional Development Authority may reduce or vary the property tax depending on the revenue subject to approval of Apex Authority.