Govt set to impose Property Tax in J&K from April this year

Srinagar January, 25 ( PTK) The Government is all set to impose Property Tax in Jammu and Kashmir but to begin with it might exempt residential accommodations and cover only commercial establishments.

Imposition of Property Tax has been opposed by various political parties including the BJP.

However, according to official sources, there are significant grants which are released by the Central Government to Urban Local Bodies only if the Property Tax is imposed by them.

“Release of these grants will significantly help the ULBs,” sources said.

They said the Housing and Urban Development Department has been working on the proposal to impose Property Tax in the Union Territory.

However, as per reliable sources, the Department initially might cover commercial establishments for imposition of Property Tax and exempt the residential buildings as there has been opposition to the proposal from various political parties and organizations including the BJP.

“The Administrative Council approved the proposal with the direction that the proposed Property Tax, which will take effect on 1 of April, 2023, shall be levied at half of the proposed formula.” Reads an order issued in this regard, a copy of which lies with PTK.