Punjab Excise and Taxation Department Announces Property Tax Exemption for Low-Value Homes
The Punjab Excise and Taxation Department has introduced a significant measure to ease the financial burden on property owners by exempting houses and residential plots valued at up to Rs. 5 million from property tax. This decision was approved by the provincial cabinet and is outlined in a notification issued by the Directorate General of Excise and Taxation.
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According to the notification, property taxes for future years will be based on the district collector (DC) rate, ensuring transparency in the tax calculation process. Director General of Excise and Taxation, Umar Sher Chattha, clarified that no additional property tax will be levied this year, providing further relief to property owners.
In addition to this exemption, taxpayers will only be required to pay 25% of their total tax liability for the current fiscal year. The department has also implemented a self-assessment system, allowing citizens to independently calculate their property tax, simplifying the process and enhancing convenience.
