Punjab New Property Tax Rates after Budget – Punjab Assembly has approved Finance Bill 2024-25, which comes with several stringent moves to generate funds. The Rs5446 billion Budget for fiscal year 2024-25 was approved by the majority on Wednesday.
Punjab Assembly Speaker Malik Muhammad Ahmad Khan signed the Finance Bill. Tax rates on property that were in place for 70 years have been changed in another blow to inflation hit citizens.
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% |
After approval of budget 2024-25, the residential property up to Rs. 50 lakh Properties are tax-free, meaning no tax is levied on residential properties within this price range.
On Commercial Properties worth Rs5-10 million, commercial properties valued between Rs5-10 million are taxed at a rate of 0.07pc.
Properties worth Rs10-25 million will be taxed at a rate of 0.08%. For over Rs25 million, commercial properties valued over Rs25 million are taxed at a rate of 0.09percent.
The new stern measure expected revenues of overRs30.065 billion from Punjab Revenue Authority, Rs. 10.570 billion from the Board of Revenue, and billions from Excise Department.
