Jammu & Kashmir Property Tax Guide and Calculator: The Ministry of Home Affairs has made changes to the laws in J&K, which will now allow the government to impose property t-a-x through municipal corporations and committees.
These changes were made through amendments to the Jammu and Kashmir Municipal Act and Jammu and Kashmir Municipal Corporation Act, as part of the Jammu and Kashmir Reorganization Order issued by Union Home Secretary, Ajay Kumar Bhalla.
What is Property Tax
Property Tax is imposed by the government on the value of real estate properties, such as homes, shops, and other places. The tax is typically assessed and collected by local government authorities, such as cities or counties.
The Land tax calculator is based on the assessed value of the property, which is determined by a government assessor. The assessed value is usually a percentage of the market value of the property, and it can vary depending on the location and condition of the property.
The rate for the property tax calculator is typically expressed as a percentage of the assessed value, and it can vary depending on the local government’s budgetary needs.
J&K tax is used to fund a variety of local government services, such as schools, roads, parks, and emergency services.
Property owners are typically required to pay property tax annually, and failure to pay the tax can result in penalties, interest, or even the loss of the property through foreclosure.
J&K Property Tax Calculator Step-by-Step Guide
How to Calculate Property Tax
- Step 1: Select the Type of municipality
- Step 2: Enter the built-up Area of the Building in Square Ft
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- Step 3: Construction Type
- Step 4: Occupancy
- Step 5: Enter the built-up Area of the Ground Floor (Optional)
(Write the square feet of the area covered on your ground floor)
- Step 6: Vacant Land in Square Ft (Optional)
(Write the square feet of the Vacant land (Khali Jameen SqFt) in the house)
- Step 7: Enter Circle Rate per Kanal
(If the value of your land is 1 Canal 50 Lac, then you should write the value of 1 Canal only, not the entire land.)
- Step 8: Usage Type
- Step 9: Age of Building
Property Tax in J&K Pdf Download 2023
Jammu Tax Calculator Govt Guide
The Ministry of Home Affairs has made changes to the Jammu and Kashmir Municipal Act, 2000, establishing Municipal Councils and Committees, and substituting Sections 72 to 80.
The new Section 72 states that Tax will be levied on all lands and buildings or vacant lands or both situated within the Municipal area unless exempted under the Act or any other law.
The Tax will be levied at a percentage not exceeding 15% of the taxable annual value of land and building or vacant land or both as the Government may specify.
Section 73 specifies that 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 build-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.
A Jammu and Kashmir Kashmir Tax Calculator Board has also been constituted as part of these amendments.
Previously, in 2011, the Jammu and Kashmir government attempted to introduce amendments to impose Tax on J&K in the state but faced opposition due to concerns that it could impede efforts toward economic revival, especially in the tourism and real estate sectors.
Property Tax in J&K Pdf Download 2023
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Property Tax in Jammu and Kashmir 2023
Five percent and six percent of the Taxable Annual Value (TAV)
Pay Tax online in J&K
Yes, Pay Online Address (https://services.india.gov.in/)