Jammu Kashmir Property Tax: Now calculate your Property Tax as J&K Govt Launch Property Tax Calculator. Check how much property Tax you have to paid against your Property. Below will be the Property Tax Calculator. We Explained Property Tax Formulla And Property Tax Calculator Link is Given At the End Of this Post.
Jammu Kashmir Property Tax Formula:
Taxable Annual Value (TAV) = MTF x LVF x ARF x FF x UTF x CTF x AGF x SF x OSF
But calculating the individual parameters in the complex multiplication is also challenging. It looks more like an inorganic chemistry chain reaction rather than a mathematical calculation.
The order has given details about what these terms are and how much of value should they be carrying. Here it is:
Municipality Type Factor
MTF is Municipality Type Factor. Its value shall be entered in the formula as follows:
- Municipal Council – 0.75
- Municipal Committee – 0.5
Land Value Factor:
FF is Floor Factor. For calculating the liability of different floors and vacant land abutting the building, the floor factor shall be entered in the formula as follows.
- Residential buildings including flats:
- Other buildings: 1
- Ground floor 1
- First floor 0.8
- Second floor 0.7
- Third floor and above 0.5
- Vacant land 0.1
- Basements for all types of buildings: 0.5
Usage Type Factor
UTF is Usage Type Factor. For vacant land appurtenant to a building, it shall be the same as that of the building itself. Where different portions of a building are put to different uses, property tax for the built-up area as well as the taxable vacant appurtenant area shall be separately calculated, proportionately, for each area under a particular use. The value to be entered in the formula for different usage types shall be as follows:
- Residential apartment/ flat 2
- Residential House 2.5
- Industrial (Manufacturing) 5
- Institutional/Public/Semi-Public 7
- Commercial, except 3-star and above Hotels: 12
- towers & hoardings
- 3-star and above hotels, 15 towers & hoardings.
Construction Type Factor
CTF is the Construction Type Factor. Its value shall be entered in the formula as follows, based on the predominant and substantive nature of the construction:
- RCC construction 1
- Pucca (without RCC) construction 0.9
- Prefabricated structure 0.8
- Kuccha/Bamboo/Wood/Tin Structure 0.6.
AGF is Age Factor. The value for this factor shall be entered in the formula as follows:
|a.||0-20 years old||1.00|
|b.||20-30 years old||0.90|
|C.||30-40 years old||0.80|
|d.||40-50 years old||0.70|
|e.||50-60 years old||0.60|
|f.||More than 60 years old||0.50|
SF is Slab Factor. The value of slab factor shall be entered in the formula as follows based on the total built-up area calculated as indicated at 3 above.
Residential houses/ apartments
i. Upto 1000 sft – 0
ii. Above 1000 sft upto 1500 sft. – 0.75
iii.Above 1500 sft upto 2000 sft – 1.0.
- Above 2000 sft upto 2500 sft – 1.15
- Above 2500 sft upto 5000 sft – 1.30
- Above 5000 – 1.5
- Other usage types
- Upto 100 sft – 0.50
- Above 100 sft upto 250 sft – 0.75
iv. Above 250 sft upto 500 sft 1.00
- Above 500 sft upto 1000 sft 1.15
- Above 1000 sft upto2500 sft 1.30
- Above 2500 sft upto 5000 sft 1.5
V. Above 5000 sft 2.0.
OSF is Occupancy Status. The value of this factor for built-up properties shall be entered in the formula as follows:
- Self-occupied for more than 6 months 0.75
- Others 1.0
Property Tax Calculator:
Property Tax Calculator, Click On Below Link
2 thoughts on “Jammu Kashmir Property Tax Calculator and Formulla”
Hello bhmnsmaef.org admin, Your posts are always well-written and engaging.