Brief Introduction:
It a tax levied and collected by provinces or federal (depending upon the area) on the annual value of buildings and land located in the rating area.
It is based on the value and location of the property and is paid by the owner of property. The relevant Excise and taxation office ensures the correct assessment and collection of the said tax.
Criteria of the Assessment :
It based mainly on nature of occupation and the type of building. Locality wise yardsticks for commercial and residential, self or rented as the case may be.
Exemptions :
Normally following exemptions are available
- Residential houses constructed on a land area less than 5 Marla other than a specific category location.
- The Property not capable of commanding less than certain amount.
- A single house not commanding annual rent less than certain amount, if occupied by the owner for his residence
- The buildings owned by widows, minor orphan and/or disabled person tax liability upto a certain amount are exempted
- One residential house up to one Kanal owned and occupied by a Federal or Provincial Retired Government servant is exempted
- Those buildings owned by Government or a Local Authority such as a Corporation, Municipality or town committee
- Mosques and other religious buildings
- Buildings and Lands used as public parks and playgrounds, schools, boarding, houses, hostels, libraries, and hospitals
- Properties the rents of which are devoted exclusively to religious or prescribed public charitable institutions
Our Services Related :
Our Professional team will take care of all the process on your behalf end to end from the correct assessment to the timely and accurate payment of property taxes