Last Updated on February 17, 2021 at 1:20 pm
J&K administration has initiated an exercise for the imposition of Property Tax through Urban Local Bodies (Municipal Corporations, Municipal Councils and Municipal Committees). People may not welcome this move but it has become a compulsion to get additional borrowings from the Centre.
Moreover, the Housing and Urban Development Department will recommend setting up a Property Tax Board which will deal with all the aspects relating to assessment and valuation of properties across the Union Territory.
The notification dated February 12, 2021, issued by Dheeraj Gupta, Principal Secretary to the Government, Housing and Urban Development Department, states that in accordance with the powers conferred by the Jammu and Kashmir Property Tax Board Act, 2013, the Jammu and Kashmir Municipal Act, 2000 and the Jammu and Kashmir Municipal Corporation Act, 2000, the Government hereby directs that for the levy of Property Tax on any land or building, the value of land as notified in terms of Jammu and Kashmir Preparation and Revision of Market Value Guideline Rules, 2011 (circle rate) will be mainly used to determine the value of the property apart from the nature of construction, the kind of use, the age of the property or any other relevant consideration.
The Property Tax Board, the Municipal Corporation, the Municipal Council or Municipal Committee concerned will have to make sure that the value of land which is being notified is properly being counted in while determining the unit area values for the levy of Property Tax.
Sources said that the Government of India has imposed Property Tax as one of the pre-conditions fixed. After imposing Property Tax, the J&K Government would be able to get Rs 503 crore from the central government.
In October last year, the Union Ministry of Home Affairs (MHA) had provided powers to the Jammu and Kashmir administration to impose Property Tax through the Municipal Corporations, Municipal Councils and Municipal Committees in their respective areas.
These powers were bestowed by many amendments in the Jammu and Kashmir Municipal Act, 2000 and Jammu and Kashmir Municipal Corporation Act, 2000 carried through the Jammu and Kashmir Reorganization (Adaptation of State Laws) Order, 2020.
