Jammu and Kashmir is set to impose property tax from April 1, 2023, according to a notification issued by the J&K government on Tuesday. The move comes as part of the government’s efforts to boost revenue generation in the Union Territory.
The property tax will be levied on residential, commercial and industrial properties in Jammu and Kashmir. The tax rate will be calculated based on the size, location and type of property. The revenue generated from the property tax will be used for the development of infrastructure and public services in the state.
The J&K government had earlier announced its intention to introduce property tax in the state to boost revenue generation. The decision was taken after a detailed study of property taxation in other states and consultation with experts.
The move has been welcomed by many, who see it as a step towards improving the financial health of the state. However, there are concerns among some property owners who fear that the tax may be too high and may impact their finances.
To address these concerns, the J&K government has assured property owners that the tax rate will be reasonable and will not be a burden on them. The government has also promised to provide a tax rebate to those who pay their property tax on time.
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