Chamber Of Commerce And Industries, Jammu Has Given Jammu Bandh Call On March 11 (Saturday) Against Property Tax.
All J&K residents in municipal areas will have to shell out tax at the rate of 5 percent and 6 percent of Taxable Annual Value (TAV) on their residential and non-residential properties respectively from April 1, 2023.
However, no tax will be levied on the vacant lands, not appurtenant to a structure or building; the properties of the Municipality; all places of worship; cremation and burial grounds.
All properties owned by the Government of India and the UT government will also be exempted from payment of Property Tax. However, service charge at the rate of 3 percent of the Taxable Annual Value will be payable to the Municipality in respect of such properties.
