SRINAGAR — The Jammu and Kashmir administration on Tuesday ordered the imposition of property tax in municipal limits of the Union Territory from April 1.
The tax rates will be 5% of taxable annual value (TAV) for residential properties and 6% for commercial properties, it stated.
“In exercise of the power conferred by section 71A of the Jammu and Kashmir Municipal Act, 2000, the government hereby notifies the rules for levy, assessment and collection of property tax in the municipalities and municipal councils of the UT,” housing and urban development department principal secretary H Rajesh Prasad said in a notification.
In October 2020, the ministry of home affairs (MHA) had empowered the Jammu and Kashmir administration to impose the property tax after an amendment to the J&K Municipal Act, 2000, and J&K Municipal Corporation Act, 2000 through the J&K Reorganisation (Adaption of State Laws) order, 2020.