Property Tax Money Will Be Deposited In ULB Account says Sh. Muneer Ahmed, EO MC Batote
How Property Tax is Calculated in J&K?
Property Tax is proposed to be levied at 5% of Taxable Annual Value (TAV) of the Property in case of a Residential Property and at 6% of Taxable Annual Value (TAV), in case of Non Residential Property.
In a meeting chaired by the Chief Secretary to deliberate upon misinformation created regarding property tax in Jammu and Kashmir, it was clarified that all the poor, marginalized having small houses having built-up area up to 1000 square feet have been exempted by the government from paying any property tax to be levied from April onwards this year.
It was informed that levy of property tax is essential part of urban sector reforms. Jammu and Kashmir is one of the last States/UTs to levy property tax and non-imposition of the tax was depriving local bodies to become self sustaining. Urban Local Bodies (ULBs) are required to render multiple civic services in their jurisdiction and need resources. The levy of this tax will improve the financial health of these institutions and improve services, besides creating employment.
While explaining the methodology of levying this tax in the UT, the Principal Secretary, H&UDD, Rajesh Prasad stated that there is no tax liability for those having built-up area of their houses less than 1000 sft besides the proportion of taxes is considerably lesser here than that levied in other parts of the country.
Similarly, all places of worship, including Temples, Masjids, Gurudwaras, Churches, Ziarats, Cremation grounds, Burial grounds etc are exempt from payment of property tax.