• About Us
  • Contact Us
  • Our Team
  • Advertising
  • Privacy Policy
  • Terms of Service
Saturday, July 5, 2025
Lake City Times
No Result
View All Result
  • Top News
  • Region
  • City News
  • Politics
  • Business
  • Health
  • Edit-Oped
  • Tourism
  • National
  • World
  • ePaper
  • Top News
  • Region
  • City News
  • Politics
  • Business
  • Health
  • Edit-Oped
  • Tourism
  • National
  • World
  • ePaper
No Result
View All Result
Lake City News
No Result
View All Result
Home Top News

J&K govt to impose property tax from April

LCT Desk by LCT Desk
February 22, 2023
in Top News
Reading Time: 2min read
A A
Share on FacebookShare on TwitterWhatsappTelegram

READ ALSO

8th Muharram procession carried out through Lal Chowk

Top officers offer water to mourners

Srinagar, Feb 21: The administration of Jammu & Kashmir Union Territory on Tuesday unveiled Rules for levying, assessment and collection of property tax in the limits of municipal councils and committees of the UT.
The Housing & Urban Development Department Tuesday notified “The Jammu and Kashmir Property Tax (Other Municipalities) Rules, 2023 “.
According to the notification, these rules, which would be applicable within the limits of municipal councils and municipal committees, shall come into force from April 01, 2023. The Rules define the procedure for calculation of property tax.
According to the Rules, the Taxable Annual Value (TAV) of a property under the Municipal Act-2000 and the property tax due thereon for a financial year shall be calculated in accordance with a formula given in schedule-I to these rules.
The Rules state that the property tax on residential property would be 5% of Taxable Annual Value (TAV) while that of non-residential property be 6 % of Taxable Annual Value (TAV).
The property tax calculated in respect of a building shall hold for a block of three years unless any change to such calculation is necessitated on account of the circumstances envisaged in the Act for allowing revision in such calculation, the Rules state.
“The first block shall commence from 1ST April 2023, and shall continue to remain in force till 3 1 March 2026. The blocks shall be similarly calculated thereafter, “read the Rules.
According to the Rules, new buildings coming up after the commencement of the block shall have their property tax liability calculated with reference to the 1st day of the relevant block, and irrespective of their having completed three years, their liability to tax shall be calculated anew from the date of commencement of the new block of three years for the Corporation as a whole.
“Where a building is liable to property tax for only a part of the year, the tax due shall be proportional to the number of completed months and parts of month not completed shall be ignored,” the Rules state.
According to the Rules, vacant lands, not appurtenant to a structure/building shall be exempt from property tax if there is a Master Plan in force in the area, under which any construction/development on such vacant land is disallowed or if they have been put to agricultural use
“Similarly, all the properties of the municipality and all places of worship, including temples, masjids, Gurdwaras, Churches, Ziarats, etc. and cremation and burial grounds shall be exempt from payment of property tax,” the Rules state.
The Rules state that all properties owned by the Government of India / UT government shall be exempted from payment of property tax.
“However, service charge at the rate 3% of the taxable annual value shall be payable to the Municipality in respect of such properties,” the Rules state. (KNO)

Related Posts

Top News

8th Muharram procession carried out through Lal Chowk

July 5, 2025
8th Muharram procession carried out through Lal Chowk

Rehan Qayoom Mir Srinagar, Jul 4: The Jammu and Kashmir administration on Friday allowed the 8th Muharram procession on its...

Read more
by LCT Desk
0 Comments
Top News

Top officers offer water to mourners

July 5, 2025
Top officers offer water to mourners

Rehan Qayoom Mir Srinagar, Jul 4: Amid the 8th Muharram procession at Lal Chowk here top officers, including Divisional Commissioner...

Read more
by LCT Desk
0 Comments
Top News

Amarnath Yatra symbol of unity, brotherhood: Lt Governor

July 5, 2025
Amarnath Yatra symbol of unity, brotherhood: Lt Governor

Raja Syed Rather Baltal, Jul 4: Describing the Amarnath Yatra as a symbol of unity and brotherhood, Lieutenant Governor Manoj...

Read more
by LCT Desk
0 Comments
Top News

Heatwave: Srinagar sizzles at 35.3 degrees Celsius

July 5, 2025
Heatwave: Srinagar records third highest-ever May temperature

Owais Gul Srinagar, Jul 4: Amid the persistent heatwave conditions, Srinagar, the summer capital of Jammu and Kashmir, has recorded...

Read more
by LCT Desk
0 Comments
Top News

J&K govt enhances MLA development fund to Rs 4 crore

July 5, 2025
J&K Govt to conduct land audit of industrial estates

Srinagar, Jul 4: In a significant move, the Jammu and Kashmir government on Friday announced an enhancement of Rs one...

Read more
by LCT Desk
0 Comments
Top News

J&K’s future lies in hands of young scientists: CM

July 5, 2025
J&K’s future lies in hands of young scientists: CM

Riyaz Bhat Srinagar, Jul 4: Chief Minister Omar Abdullah on Friday said that the agriculture sector in Jammu and Kashmir...

Read more
by LCT Desk
0 Comments
Next Post
Winter Carnival: Extravaganza Snow Festival celebrated at MundDaji

Winter Carnival: Extravaganza Snow Festival celebrated at MundDaji

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • About Us
  • Contact Us
  • Our Team
  • Advertising
  • Privacy Policy
  • Terms of Service

© 2021 Lake City Times - Premium theme by GITS.

No Result
View All Result
  • Top News
  • Region
  • City News
  • Politics
  • Business
  • Health
  • Edit-Oped
  • Tourism
  • National
  • World
  • ePaper

© 2021 Lake City Times - Premium theme by GITS.