Srinagar, Jan 25: The Jammu and Kashmir government has chosen April 1 as the implementation date for its decision to levy property tax in the Union Territory.
The government has cleared the way, according to reliable sources who spoke to The Biz Reporter, and the procedures for imposing a property tax are currently being worked out.
Although political groups have fiercely opposed this action, it is yet unclear what the tax rate will be for properties in Jammu and Kashmir. According to experts, residents of J&K may have to pay enormous amounts in taxes due to the fact that people there like to live in homes that are far larger than those in other regions of the nation.
Two years ago in 2020, in an order, Union Home Secretary Ajay Kumar Bhalla issued several amendments to the Jammu and Kashmir Municipal Act, 2000 and Jammu and Kashmir Municipal Corporation Act, 2000 carried through the Jammu and Kashmir Reorganization (Adaptation of State Laws) Order, 2020.
The MHA has substituted Sections 72 to 80 and now Section 72 states in the previous Acts of 2000: “Unless exempted under this Act or any other law for the time being in force, Property Tax shall be levied on all lands and buildings or vacant lands or both situated within the municipal area
“The property tax shall be levied at such percentage not exceeding 15% of the taxable annual value of land and building or vacant land or both as the Government may, by notification, from time to time specify.”
According to the order, every owner or occupier, who is liable to pay property tax, shall every year submit to the Executive Officer or any officer authorized by him in this behalf a return in the prescribed form within the stipulated period and in the prescribed manner.”it said.
