Punjab's New Property Tax Rates Post Budget Approval – The Punjab Assembly has passed the Finance Bill 2024-25.
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.Commercial property worth Rs5-10 millionAdvertisement Following the approval of the budget for 2024-25, residential properties valued up to Rs. 50 lakh are exempt from taxes, meaning no tax will be imposed on properties within this price range.*Properties valued between Rs. 5-10 million will be taxed at a rate of 0.07%.*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.
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