Cover Story Jammu & Kashmir The Lead

Value of land to be key determinant for property tax in J&K

Srinagar, Feb 15: The administration of Jammu & Kashmir has ordered that the value of land notified in terms of Jammu & Kashmir Preparation and Revision of Market Value Guideline Rules, 2011 should adequately be factored in while determining the property tax.

In a notification, a copy of which is in possession of news agency the Housing & Urban Development Department has ordered that the value of land notified is adequately factored in while determining the unit area values for levy of property tax under different laws.

“In exercise of the powers conferred by the Jammu & Kashmir Property Tax Board Act, 2013, the Jammu & Kashmir Municipal Act, 2000, and the Jammu & Kashmir Municipal Corporation Act,2000, the Government hereby direct that for the levy of property tax on any land or building, the value of land as notified in terms of Jammu & Kashmir Preparation and Revision of Market Value Guideline Rules, 2011(circle rate) shall be a key determinant of 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,” reads the notification.

“The Property Tax Board, or as the case may be, the Municipal Corporation, Council or Committee concerned shall ensure that the value of land so notified is adequately factored in while determining the unit area values for levy of property  tax under the aforesaid Acts.”

It is worthwhile to mention that J&K Lieutenant Governor Manoj Sinha had last year said that the UT administration would not impose any property tax from the people in Jammu and Kashmir.

“Some people are saying that property tax will be levied from people of J&K. I am telling you clearly that no such tax would be levied in by the UT administration,” Sinha had said while addressing people in Baramulla district.

Sinha, however, said that nobody should have objection if elected representatives will take any decision for increasing facilities for general public.

 

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