J&K admin expecting 150 crores from imposing property tax
The Jammu and Kashmir administration expects to get 150 crore rupees in revenue from property tax, and the money will go towards bolstering municipal bodies to give people better civic services.,
Under the new property policy, he said, there will be a 10 percent rebate for early submission, which can be paid in two equal installments.
The Jammu and Kashmir administration had on Tuesday ordered the imposition of property tax across its municipal areas from 1 April.
The tax rates will be five percent of the Annual Value (TAV) for residential properties and six percent for commercial properties, it had said.
“The government is expected to get Rs 150 from the property tax imposition in 2023-24. It is imposed for the first time in J&K,” Principal Secretary, Housing and Urban Development department, H Rajesh Prasad, told reporters.
He said that the step is for making municipal corporations and other bodies financially self-reliant. “It is a step for the benefit of the people.”
“Better municipal services are expected to attract more investment and encourage more people to set up business in J-K. Revenue from property taxes will be used to improve.
