Tuesday, 16 February 2021
Finally, Property Tax in J&K is coming - Here is how rates will be determined
Finally, Property Tax in J&K is coming. Here is how rates will be determined
Srinagar: Jammu & Kashmir is all set for the introduction of property tax, with the Housing and Urban Development Department formally notifying the rules for the determination of the rates for the tax.
In a latest official communication from the Housing and Urban Development Department, dated 12 February, a copy of which has been obtained by Ziraat Times, the government has made it clear that the land value as stipulated under the Revision of the Market Value Guidance Rules, 2011 (circle rates) shall be the key determined in deciding the property tax, besides the nature of the construction, the kind of use, age of the property, besides any other consideration.
Pertinently, in October, 2020, Ministry of Home Affairs had empowered Government of Jammu and Kashmir to impose Property Tax through the Municipal Corporations, Municipal Councils and Municipal Committees by several amendments in the Jammu and Kashmir Municipal Act, 2000 and Jammu and Kashmir Municipal Corporation Act, 2000 under the Jammu and Kashmir Reorganization (Adaptation of State Laws) Order, 2020 .
As per the original provisions in the amended rules, the property tax was not supposed to exceed 15 percent of the taxable annal value of land, building or vacant land unless exempted. It is unclear from the rules notification if this provision still remains in vogue or not.
According to the amendments carried out in Jammu & Kashmir Municipal Act-2000 and Jammu & Kashmir Municipal Corporation Act-2000, property tax shall be levied on all lands and buildings or vacant lands or both situated within municipal areas of J&K.