Lahore: The Punjab Excise, Taxation and Narcotics Control Department has initiated a process to assess the value of properties across the province presently covered under the tax net, a news source reported. As per the publication, the government is expected to increase property taxes by 25% to 30% based on the data collected through the process.
The assessment process will help the government to revise and raise the valuation tables for properties. The valuation tables act as the key matrix to determine property tax on respective properties. Sources within the Excise Department claim that property values in the province have gone up by 8% to 35% during the last five years. The corresponding rates in the valuation tables will be adjusted accordingly.
The new property taxes that will be determined according to the new valuation tables will be collected starting from the new fiscal year in July 2020. Additionally, work on property value assessment is currently under development and the report in this regard will be shared with Punjab Chief Minister Sardar Usman Buzdar soon.