In response to the growing need for revenue, the Punjab government is considering the introduction of a new property tax targeting residential homes that are larger than 5 marlas.
According to a recent report from a local media source, the Punjab Excise and Taxation Department has been assigned the task of compiling a detailed list of all residential properties across the province by October 2024. This new tax is set to apply to homes that exceed 5 marlas in size, with the tax rate based on the property’s assessed value. Specifically, homes valued above Rs. 50 lacs will be subject to this tax. This initiative is part of a broader government strategy aimed at boosting revenue through property-related taxation.
In addition to the proposed property tax, the government has recently implemented a garbage tax for both residential and commercial properties throughout the province. For rural areas, the garbage tax is set at Rs. 20 per month for a 5-marla house, Rs. 40 for a 10-marla house, and ranges between Rs. 300 and Rs. 1,000 for businesses, depending on their size. In urban areas, the garbage tax rates vary from Rs. 300 for a 5-marla house to Rs. 5,000 for properties larger than 1 kanal.
The introduction of the new property tax, alongside other existing taxes, reflects the government’s ongoing efforts to increase revenue from property owners in both rural and urban areas.
Leave a Comment