The Jammu and Kashmir government will impose property tax on commercial properties in the union territory from April 1, 2023. Initially, the authorities plan to exempt residential buildings.
The decision made by the government has been communicated to the Principal Secretary of, the Housing and Urban Development Department, Dheeraj Gupta, by J&K Chief Secretary Dr Arun Kumar Mehta. As per an official memo, quoting Administrative Council decision No. 13/1/2023, the administrative council approved the proposal for imposing property tax in the Urban Local Bodies of J&K, with the direction that the proposed property tax shall be levied at half of the proposed formula.
The slabs for imposing the property Tax are being worked out. In October 2020, the Ministry of Home Affairs (MHA) empowered the J&K administration to levy 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. As per the amendments, property tax will be imposed on all lands and buildings or vacant lands within the municipal area.
Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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