LAHORE – Punjab Excise and Taxation Department has decided to increase property tax across the province in light of a recent survey.
Media reports suggest that a survey has been conducted of more than 40,000 residential and commercial areas in Punjab and the Punjab Excise and Taxation Department has started preparing a new valuation table of property tax.
In light of a new survey carried out after a decade, the property tax rate is likely to move up to 70 percent on the basis of the surge in property rents.
Further, officials also mulled ending 20pc discount on properties bigger than a specified area during the preparation of the valuation table.
The new taxes are likely to be effective from January 2024, after approval of the tax rate by the interim government.