The Punjab Excise and Taxation Department has announced that homes and residential plots valued at up to Rs. 5 million will be exempt from property tax. This move was approved by the provincial cabinet, according to a notification from the Directorate General of Excise and Taxation.
The notification also mentioned that future property taxes will be based on the district collector (DC) rate. Umar Sher Chattha, the Director General of Excise and Taxation, confirmed that no extra property tax will be imposed this year.
Also Read: Punjab Expands Property Tax to Housing Societies Beyond Urban Areas
To ease the burden further, taxpayers will only need to pay 25% of their total tax for the current fiscal year. A self-assessment system has also been introduced, allowing people to calculate their property tax on their own.
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