Jammu & Kashmir

Property tax policy will help municipal bodies to generate revenue for better municipal services: Officials

Holds interaction with traders, civil society members, Officers explained ease of Taxation, importance for vibrant ULBs

BANDIPORA: The Bandipora district administration on the directions of Deputy Commissioner Bandipora Dr Owais Ahmad on Friday held special interaction programmes with locals including traders and civil society members in Sumbal and Bandipora town with an aim to clarify the misconceptions with regard to the property tax.

In Bandipora the meeting was attended by Executive Officer Municipality Bandipora, District Industres Officer Mehraj Wani while at Sumbal SDM Sumbal and other senior officers of the sub division were present.

On the occasion, the traders and civil society members apprised officer’s about their issues. The officers also explained the property tax provisions in detail to the audiences.

Speaking on the occasion, officers said there is a lot of factually incorrect and misleading information circulating in the media with regard to property tax notification, with a potential of misguiding the people, so it became important that the common public is made aware of the correct information & facts of the matter.

They said the property tax is being levied across the country by Municipalities to augment their resources as they have a very limited sources of income to run day to day affairs.

Mehraj Wani said with an intend to strengthen out ULBs and ramp up the urban development for the betterment of common masses, the Government has decided to impose property tax in the Union Territory of Jammu and Kashmir.

He said the new Property tax policy will help municipal bodies to generate revenue for better municipal services with minimum Tax implications to residents.

“Better municipal services are expected to attract more investment and encourage more people to set up businesses in the J&K,” he added.

Officers said revenue generated from property taxes will be used to improve infrastructure, and significantly enhancing the quality and levels of being services provided by Municipal bodies.

While clearing some misconceptions, the officers said the revenue will be collected by the ULBs, retained by them and then used for their development needs.

Wani cleared that the tax is not as high as is being tried to portray. He said the Property Tax is proposed to be levied at 5% of Taxable Annual Value (TAV) of the Property in case of a Residential Property and at 6% of Taxable Annual Value (TAV), in case of Non-Residential Property.

Infact, Tax rates, even in the Corporations are one of the lowest in the country, almost half that of Himachal, and one fourth to one sixth, overall, of other progressive States like Gujarat Maharashtra and Karnataka and Delhi. Again, tax rates are 25% lower in the Municipal Councils, and 50 % in Municipalities, the officer stated.

Giving example, Officers said  an owner of a residential bungalow over a kanal of land in a posh colony with the value of their assets being more than five crores, is required to pay Rs 500/- per month which very meager

He said  like wise if tax is such a meagre amount in Srinagar, the tax will be further lesser in districts like Bandipora

The officers said all places of worship, including Temples, Masjids, Gurudwaras, Churches, Ziarats, etc are exempt from payment of property tax.

They said Property Tax is to be levied annually and can be paid in two equal instalment and hence will not be burdening common citizen.

On the occasion traders posed several questions to the officers to clear their confusion about the taxes and thanked the administration for holding the awareness programme to clear their confusions.

They said the administration will continue such programmes in coming days so that misconceptions are removed from the minds of people.

 

The Dispatch is present across a number of social media platforms. Subscribe to our YouTube channel for exciting videos; join us on Facebook, Intagram and Twitter for quick updates and discussions. We are also available on the Telegram. Follow us on Pinterest for thousands of pictures and graphics. We care to respond to text messages on WhatsApp at 8082480136 [No calls accepted]. To contribute an article or pitch a story idea, write to us at [email protected]h.in |Click to know more about The Dispatch, our standards and policies