The News Craving
The Newscraving Desk
Srinagar, Jan 26:
The authorities are looking at imposing property tax from 1 April in Jammu and Kashmir which could even go up to 5 percent, sources said.
According to government sources the property tax formulae will be issued by the Housing and Urban Development department in next few days. Sources said that the tax will be imposed based on the financial strength of a person and both the commercial and private properties will be charged with the tax.
Officials said that the LG administration has agreed with the proposal of the Housing Department to impose property tax.
Sources said that the people who have “few rooms to live in won’t be taxed.” But the proposed formulae is that the tax can even be up to 5 percent of the value of the property. “ We are working out the details and the slab will be issued shortly,” said a senior official of the Housing and Urban development department.
Earlier the Housing and Urban development department had proposed that the property tax should be imposed in the Urban Local Bodies of Jammu and Kashmir. Sources said that LG administration is of the view that the “proposed property tax which will take effect on 1 April 2023, shall be levied at half of the proposed formulae.”
Rakesh Kumar, Additional Secretary, in the Housing Department, however said that he was not aware of any order about the imposition of tax from 1 April.
Sources however said that the properties in the areas of the Urban Local Bodies will be charged with the tax.
Earlier there was an opposition to the proposal with the Jammu Municipal Corporation (JMC) Mayor Rajinder Sharma, saying that the property tax will not be imposed.
It is however unlikely that a decision of the Administrative Council in the matter could be stonewalled by any of the urban local bodies including the JMC. Earlier order on the subject of property tax issued by the Principal Secretary Housing and Urban development department, Dheeraj Gupta, cited the Jammu and Kashmir Market Value Rules for deciding the value of the property.
The concerned Municipal bodies of Municipal Corporations, Councils and Committees will act as property tax boards for the imposition of property tax, order issued by Gupta read.