The Jammu and Kashmir (J&K) administration announced via a notification to levy property tax in the municipal limits of J&K on Tuesday. The property tax will be charged as per section 71A of the Jammu and Kashmir Municipal Act 2000. The tax applicable from April 1 2023, will be charged at 6% of taxable annual value for commercial properties and 5% for residential properties. The property tax will be applicable on all lands and buildings including vacant land in the J&K municipal limits.
The Ministry of Home Affairs (MHA) brought amends to the J&K Municipal Act, 2000 through the J&K Reorganization order, 2020. The notification warned that defaulters of the property tax will attract a penalty of Rs 100 or one per cent, with the maximum penalty being under Rs 1,000.
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