Property Tax in punjab

Property Tax

RATE OF TAX
Under the provisions of the Act, the property tax is levied on the annual value of buildings and land located in the rating area. It is levied at the rate of 5% of annual value at which the property may be let out from year to year basis.
PROCEDURE FOR ASSESSMENT
Assessment of the properties is based primarily on the nature of occupation and the type of building. Locality wise yardsticks for commercial and residential, self or rented as the case may be, properties have been prescribed. Annual value the properties is calculated through these yardsticks. On the basis of annual value of the property unit, Property Tax is charged on the rates mentioned above.
TIME AND MODE OF PAYMENT
  • The Property Tax may be deposited on or before the 30th day of September with 5% rebate of tax for the current financial year.
  • Time allowed for payment is 30 days from the date of serving of Demand Notice accompanied with the Challan Form.
  • The tax is deposited into the Treasury or State Bank or in the specified branches of National Bank of Pakistan.
  • Payment can be made through a cheque (accompanied by Challan Form) drawn on a scheduled bank in favour of the Excise & Taxation Officer of the District concerned.
Property Tax New Valuation Table 2014

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