Punjab's New Property Tax Rates Post Budget Approval – The Punjab Assembly has passed the Finance Bill 2024-25, introducing several measures aimed at generating revenue. The Rs5446 billion budget for the fiscal year 2024-25 was endorsed by a majority vote on Wednesday.
Speaker of the Punjab Assembly, 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 affected by inflation.
New Property Tax Punjab 2024
| Property Value Range | Tax Rate |
|---|---|
| Residential Property up to Rs50lac | Tax-free |
| Commercial property worth Rs5-10 million | 0.07% |
| Commercial property worth R10-25 million | 0.08% |
| Commercial property over 25 million | 0.09% |
For commercial properties:
*Properties valued between Rs. 5-10 million will be taxed at a rate of 0.07%. *Properties valued between Rs. 10-25 million will face a tax rate of 0.08%. *Properties valued over Rs. 25 million will be taxed at a rate of 0.09%.
These new measures are expected to generate revenues, with anticipated amounts of over Rs. 30.065 billion from the Punjab Revenue Authority, Rs. 10.570 billion from the Board of Revenue, and significant contributions from the Excise Department.
