The recent transfer of property tax to District Collector (DC) rates has resulted in over 200,000 property owners in various cities across Punjab exiting the tax net.
However, at the same time the Excise Department has successfully integrated more than 600,000 property owners into the tax system under the new framework.
According to officials, the number of property owners benefiting from this change has been notably low in Lahore. In other cities, homes valued at less than Rs5 million have also been removed from the tax net.
Excise officials have confirmed that properties worth Rs5 million or more will now be subject to tax under the newly established District Collector rates. This transition is expected to significantly impact the treasury, with an anticipated additional revenue of Rs2 billion as a result of implementing these changes.
Among the newly included properties are houses measuring less than 5 marlas and commercial properties. With the addition of over 600,000 properties, the total number of taxable units in Punjab has reached approximately 2.5 million.
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Starting January 1, 600,000 property owners will be required to pay taxes based on the new rates, with the collection of taxes from all properties at these rates set to commence on July 1.
