Jammu & Kashmir

Breaking News: Property Tax to be Implemented in Jammu and Kashmir From THIS Date, Check Details

PK DeskJanuary 25, 2023Last Updated: January 25, 2023

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The proposal for implementing property tax in Jammu and Kashmir is under review by government officials.

A formal order regarding the implementation of the tax is expected to be issued within the next week.

The Director of Finance for the Housing and Urban Development Department in Kashmir stated that the proposal is still awaiting approval by the administration.

A senior official at the Srinagar Municipal Corporation stated that the administration will issue a special notification outlining the rules and taxes related to the property tax.

The Union Home Secretary issued amendments to the Jammu and Kashmir Municipal Act and Jammu and Kashmir Municipal Corporation Act in 2020, allowing for the levying of property tax.
The maximum percentage for the taxable annual value of land and building or vacant land is set at 15%.

Property owners and occupiers are required to submit a return in the prescribed form within a stipulated period.