JAMMU: The Jammu and Kashmir government has approved the imposition of property tax in the urban local bodies (ULBs) of the union territory, thus ending the speculations on the matter rife for around a year now.
The property tax, 5% for residential property and 6% for non-residential property will be imposed from April 1.
Till now, Jammu and Kashmir was the only state/union territory in the union territory exempted from property tax, a status which it has lost on Tuesday, three years after the reorganization of the erstwhile state, followed by extension of a number of central laws to the union territory.
The Housing and Urban Development Department on Tuesday notified the rules for levy, assessment and collection of property tax in the Municipalities and Municipal Councils of Union Territory.
