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Property Tax Exemption for Houses Worth Up to Rs5 Million

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The Excise and Taxation Department has introduced significant relief for property owners by exempting houses and residential plots valued at up to Rs5 million from property tax.

This decision was approved by the provincial cabinet, according to a notification from the Directorate General of Excise and Taxation. The department has further assured citizens that no additional property tax will be imposed this year.

To make the process simpler, citizens will now pay only 25% of the total tax due for the current fiscal year. A self-assessment system has also been introduced, allowing property owners to calculate their tax liabilities independently, ensuring transparency and ease.

Director General Umar Sher Chattha highlighted the department’s commitment to simplifying the tax system and providing relief to taxpayers, calling it a step towards empowering citizens and promoting trust in the taxation process.

This initiative is expected to benefit a significant portion of the population, ensuring financial ease and a streamlined taxation system.

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