Srinagar: Senior NC leader and member of Parliament M Akbar lone on Saturday said that centre has no right to impose property tax here in J&K.
While talking exclusively with PTK, lone said if there would have been legislative Assembly and such issues should have been decided by them not by Centre.
He said that on what ground they have imposed property tax hete, when the market value of property here is very low.
Govt must re-consider its decision and revocate this decision immediately so that locals who have been going through tough times already must feel a sigh of relief.
According to the recent order the property tax shall be levied at such percentage not exceeding fifteen per cent of the taxable annual value of land and building or vacant land or both, as the Government may, by notification, from time to time specify.
These laws also empower the government to exempt certain classes or categories of persons or lands and buildings, or vacant lands or both from the payment of the property tax.
They also define methodology for determination of property tax.
“Subject to the provisions of section 86 and rules, if any, made by the Government in this behalf, 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 built-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,” reads the laws.(PTK)