Srinagar, Oct 08 (KNO): The Government of India has amended two municipal laws of Jammu & Kashmir to empower administration of the Union Territory to levy and collect property tax.
Documents in possession of news agency—Kashmir News Observer (KNO) reveal that Union Home Ministry on Monday notified “The Union Territory of Jammu & Kashmir Re-organisation (adaptation of state laws order) 2020 to amend different laws including Jammu & Kashmir Municipal Act-2000 and Jammu & Kashmir Municipal Corporation Act-2000.
According to the amendments carried out in Jammu & Kashmir Municipal Act-2000 and Jammu & Kashmir Municipal Corporation Act-2000, property tax shall be levied on all lands and buildings or vacant lands or both situated within the municipal area
“Unless exempted under this Act or any other law for the time being in force, property tax shall be levied on all lands and buildings or vacant lands or both situated within the municipal area,” reads the amendments made in the laws.
According to these amendments the property tax shall be levied at such percentage not exceeding fifteen per cent of the taxable annual value of land and building or vacant land or both, as the Government may, by notification, from time to time specify.
These laws also empower the government to exempt certain classes or categories of persons or lands and buildings, or vacant lands or both from the payment of the property tax.
They also define methodology for determination of property tax.
“Subject to the provisions of section 86 and rules, if any, made by the Government in this behalf, the taxable annual value of land and building or vacant land assessable to taxes under this Act shall be calculated by multiplying the corresponding unit area value with the total built-up area of a building or the total area of land, as the case may be, minus depreciation, at such rates as may be prescribed, depending on the age of the building,” reads the laws—(KNO)