Punjab Assembly has approved Finance Bill 2024–25, which includes some strict measures to raise money. This results in the new property tax rates in Punjab following the budget. On Wednesday, the majority approved the Rs5446 billion budget for the fiscal year 2024–25.
Malik Muhammad Ahmad Khan, the Speaker of the Punjab Assembly, signed the Finance Bill. Property tax rates that had been in effect for 70 years have been modified, dealing residents with yet another blow from inflation.
Read Also: FBR to Implement 90% Hike in Property Valuation Rates
Punjab’s New Property Tax for 2024:
| Property Value Range | Tax Rate |
|---|
| Residential Property up to Rs50 lac | Tax-free |
| Commercial property worth Rs5-10 million | 0.07% |
| Commercial property worth Rs10-25 million | 0.08% |
| Commercial property over Rs25 million | 0.09% |
Following the ratification of the 2024–25 budget, residential properties up to Rs. 50 lakh are exempt from taxes, meaning that there is no tax applied to properties falling within this price range.
Commercial properties valued between Rs. 5 and Rs. 10 million are subject to 0.07 percent taxation.
The tax rate on properties valued between Rs. 10 and Rs. 25 million is 0.08%. Commercial properties worth at more than Rs. 25 million are subject to 0.09 percent tax.
The new strict measure anticipated billions from the Excise Department, over Rs. 10.570 billion from the Board of Revenue, and over Rs. 30.065 billion from the Punjab Revenue Authority.