Jammu Kashmir Administration today gave yet another shock to the people as it has issued an order imposing Property Tax on all properties – residential or non-residential at rates of 5 % and 6 % respectively annually of Taxable Annual Value (TAV) effective from Ist April 2023.
A notification issued today (21.02.2023) as an SO 87 exercising powers conferred by Section 71A of Jammu and Kashmir Municipal Act 2000 (read with sub-section 1 of section 65 and sub-section 1 of Section 73), the government notified new rules called Jammu and Kashmir Property Tax (Other Municipalities) Rules 2023 which shall come in force from April 01, 2023.
The calculation formula for the levy of Property Tax on Residential and Non-residential properties in Jammu Kashmir has been given in the Schedule –I attached to the notification. The Formula is based on the calculation of various factors called MTF (Municipality Type Factor), LVF ( Land Value Factor), FF ( Floor Factor), UTF ( Usage Type Factor), CTF (Construction Type Factor), AGF (Age Factor), SF ( Slab Factor) and Occupancy Status factors calculated together and then arrived at with the quotient given against each factor.
The annual Property Tax return is envisaged to be filed failing which a penalty of one per cent of tax due or Rs. 100 for every month of default with a maximum of up to Rs. 1000/.
Only Agriculture land is exempted. The detailed story to follow…
