Breaking: Proposal Approved Regarding Implementation Of Property Tax In Jammu And Kashmir- Check Order Copy Here
Jammu and Kashmir Government in all likelihood to impose Property Tax in Jammu and Kashmir from 1st April 2023. As per sources a high level meeting, decision was taken to implement Property Tax in Jammu and Kashmir from next Financial Year.
Notification: Proposal for levy of Property Tax in the Urban Local Bodies of Jammu and Kashmir. The Administrative Council approved the proposal with the direction that the proposed Property Tax, which will take effect on 1t of April, 2023, shall be levied at half of the proposed formula.
Property Tax shall be levied on all lands and buildings or vacant lands or both situated within the municipal area “The property tax shall be levied at such percentage not exceeding 15% of the taxable annual value of land and building or vacant land or both as the Government may, by notification, from time to time specify.”
According to the order, every owner or occupier, who is liable to pay property tax, shall every year submit to the Executive Officer or any officer authorized by him in this behalf a return in the prescribed form within the stipulated period and in the prescribed manner.”it said.