LAHORE: The Excise and Taxation Department has announced that houses and residential plots valued at up to Rs5 million will be exempt from property tax.
The move comes after approval from the provincial cabinet, according to a notification issued by the Directorate General of Excise and Taxation.
The notification further clarified that future property taxes will now be determined 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, said Umar Sher Chattha, the director general (DG) of excise and taxation.
The department has also introduced a relief measure, allowing them to pay only 25% of the total tax due for this fiscal year. Additionally, a self-assessment mechanism has been launched to empower citizens to estimate their property tax independently.
“This initiative is designed to simplify the tax system and provide greater ease to taxpayers. With self-assessment, citizens can calculate their property tax themselves without any external intervention,” said the DG Excise and Taxation.
