Lahore: The Punjab government is considering implementing a new property tax targeting residential properties measuring 5 marlas or larger, according to a recent report from September 3.
The Punjab Excise and Taxation Department has been instructed to prepare a comprehensive list of all residential properties in the province by October 2024. The proposed tax will be levied on homes based on their assessed value, with properties valued above PKR 50 lacs being subject to this new tax.
- Rural Areas: The tax ranges from PKR 20 to PKR 1,000, depending on the property size.
- Urban Areas: The tax starts at PKR 300 for a 5-marla house and can go up to PKR 5,000 for properties larger than 1 kanal.
This new property tax proposal is part of the provincial government’s broader strategy to increase revenue and address municipal needs.
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