SRINAGAR: Jammu and Kashmir Lt Governor Manoj Sinha said that most of the people living in the twin capital cities of Srinagar and Jammu and the peripheral municipalities will not be touched by the property tax being imposed from April 1, 2023. Almost 40 per cent of the residential structures in urban and semi-urban areas in Jammu and Kashmir are exempted under the rules and almost 46 per cent of the commercial establishments will have to pay as low as Rs 700 a year.
“This is the lowest property tax rates that are being imposed,” Sinha told reporters on the sidelines of a function at SKICC. “It is almost one-tenth of what is in vogue in Shimla, Dehradun and other places.”
Offering statistics, Sinha said there are 5,20,000 residential structures in Jammu and Kashmir’s urban space. Of them, 206000 have a built-up area of 1000 sq ft which are already exempted. In 203600 residential structures which are built above 1000 sq ft but below 1500 sq ft will have to pay Rs 1000 a year. Of these 203600 houses, he said in almost 80 per cent of the structures, the owners will be paying no more than Rs 600 a year.
Sinha said there are 101000 shops across Jammu and Kashmir and 46 per cent of them fall under a 100 sq ft area and will have a minimum of Rs 700 a year. There are only 30000 shops which are spread over less than 2000 sq ft. These will be paying Rs 2000 a year.
The LG said the collections from the tax will not go to the Consolidated Fund Instead these will g to the local urban bodies which will gradually become growth engines of these areas. He said the people must write to the concerned department in case they have anything to respond to in case of property tax.
“I urge the common people of J&K to come forward and help build a better J&K,” the LG said.
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