Future Property Taxes to Be Determined Based on DC Rate
The Excise and Taxation Department has announced that houses and residential plots valued up to Rs5 million will be exempt from property tax. This decision was made after approval from the provincial cabinet, as per a notification issued by the Directorate General of Excise and Taxation.
The notification further clarified that future property taxes will now be based on the district collector (DC) rate. Citizens have also been assured that they will not be required to pay any additional property tax this year, as stated by Umar Sher Chattha, the Director General (DG) of Excise and Taxation.
Additionally, a relief measure has been introduced, allowing citizens to pay only 25% of the total tax due for this fiscal year. A self-assessment mechanism has also been launched, empowering citizens to independently estimate their property tax.
“This initiative is designed to simplify the tax system and provide greater ease to taxpayers. With self-assessment, citizens can calculate their property tax without any external intervention,” said the DG of Excise and Taxation.
