- Punjab Assembly has implemented new property tax rates to boost revenue.
- Residential properties valued up to Rs. 50 lakh are now tax-free.
- Commercial properties worth Rs 5 to 10 million face a tax rate of 0.07%.
After approving the Finance Bill 2024–25, the Punjab Assembly has implemented new property tax rates as part of several measures aimed at increasing revenue. The assembly passed the Rs 5446 billion budget for the fiscal year 2024–25 with a majority vote on Wednesday.
Punjab Assembly Speaker Malik Muhammad Ahmad Khan signed the Finance Bill, marking a significant change in property tax rates that had remained unchanged for 70 years, impacting citizens already grappling with inflation.
New Property Tax Punjab 2024
| Property Value Range | Tax Rate |
|---|---|
| Residential property up to Rs 50 lakh | Tax-free |
| Commercial property worth Rs 5–10 million | 0.07% |
| Commercial property worth R10–25 million | 0.08% |
| Commercial property over $25 million | 0.09% |
Following the approval of the 2024–25 budget, residential properties valued up to Rs. 50 lakh are exempt from taxes, ensuring that no tax is imposed on properties within this price bracket.
Commercial properties valued between Rs 5 and 10 million are subject to a tax rate of 0.07% under the new regulations.
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Properties valued between Rs 10 and 25 million will incur a tax rate of 0.08%, while commercial properties exceeding Rs 25 million will be taxed at a rate of 0.09%.
The new stringent measures aim to generate revenues of over Rs 30.065 billion from the Punjab Revenue Authority, Rs 10.570 billion from the Board of Revenue, and additional funds from the Excise Department.
