Punjab Announces Property Tax Exemption for Homes and Plots Up to Rs. 5 Million
The Punjab Excise and Taxation Department has declared an exemption from property tax for houses and residential plots valued up to Rs. 5 million. This decision, approved by the provincial cabinet, was detailed in a notification issued by the Directorate General of Excise and Taxation.
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Key Highlights
- Property taxes for the current year will not include any additional charges.
- Future property taxes will be based on the district collector (DC) rate.
- Taxpayers will only need to pay 25% of their total tax liability for the ongoing fiscal year.
- A new self-assessment system has been introduced, allowing citizens to calculate their property tax independently.
According to Umar Sher Chattha, the Director General of Excise and Taxation, these measures aim to provide relief and ease the tax burden on property owners.
