LAHORE – Amid plethora of taxes, the government of Punjab is mulling to impose a new property tax on residential homes bigger than 5 marlas.
A report shared by a local media outlet said Punjab Excise and Taxation Department has been tasked with preparing a comprehensive list of all residential properties in Punjab by October 2024.
The new tax will apply to homes that are 5 marlas or larger, with the tax rate determined by the assessed value of property. Homes valued above Rs50lacs will face this tax. This measure is part of government’s broader strategy to enhance revenue through property-related taxation.
Last month, a garbage tax for residential and commercial properties was introduced across the province. In rural areas, the garbage tax rates are Rs. 20 per month for a 5-marla house, Rs. 40 for a 10-marla house, and between Rs. 300 to Rs. 1,000 for businesses, depending on their size. In urban areas, the rates range from Rs. 300 for a 5-marla house to Rs. 5,000 for homes larger than 1 kanal.
The new property tax and other taxes reflect government’s approach to increasing revenue from property owners in both rural and urban regions.
