In a major relief to public, the Excise and Taxation Department has announced that residential houses and plots valued at up to Rs5 million are now exempt from property tax.
A notification issued by the Directorate General of Excise and Taxation, states that property taxes will henceforth be assessed based on the district collector (DC) rate.
“This initiative aims to simplify the tax system and provide greater convenience to taxpayers. Through self-assessment, citizens can calculate their property tax without any external assistance,” stated the DG Excise and Taxation.
Moreover, citizens have been assured they will not be required to pay any extra property tax this year, according to Umar Sher Chattha, the Director General (DG) of Excise and Taxation.
As part of the relief measures introduced, taxpayers will only need to pay 25% of the total tax due for the current fiscal year. A self-assessment mechanism has also been implemented, enabling citizens to independently calculate their property taxes.
