The Punjab Excise and Taxation Department has announced that houses and residential plots worth up to Rs. 5 million will not have to pay property tax. This decision was approved by the provincial cabinet to help property owners. From now on, property taxes will be calculated based on the district collector (DC) rate.
Additionally, taxpayers will only need to pay 25% of their total tax for the current fiscal year. A new self-assessment system has also been introduced, allowing citizens to calculate their property tax on their own. This initiative aims to make property taxation more transparent and fair, benefiting many people in Punjab.
