The Jammu and Kashmir administration ordered on Tuesday the imposition of property tax in municipal areas of the Union Territory from April 1. The tax rates will be five per cent of taxable annual value (TAV) for residential properties and six per cent for commercial properties, it stated.
In October 2020, the Ministry of Home Affairs (MHA) 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.
According to the amendments, property tax shall be levied on all lands and buildings or vacant lands within municipal limits. (With agency inputs)
