RATIONLIZATION
OF
PROPERTY TAX
What is Property Tax
Working out the ARV (Section 64)
64.
Definition of “annual value” – For the purposes of this
value” means-


Chapter, “annual
in the case of railway station, hotels, colleges, schools, factories and
any other buildings which a Board decides to assess under this clause,
one-twentieth of the sum obtained by adding the estimated present cost
of erecting the building to the estimated value of the land appertaining
thereto, and
in the case of building of land not assessed under clause (a), the gross
annual rent for which such building (exclusive of furniture or
machinery therein) or such land is actually let or, where the building or
land is not let or in the opinion of the Board is let for a sum less than
its fair letting value, might reasonably be expected to let from year to
tear:
Provided that, where the annual value of any building is by reason of
exceptional circumstances, in the opinion of the Board, excessive if
calculated in the aforesaid manner, the Board may fix the annual value at any
less amount which appears to it to be just.
FORMULA
TAX =[{(Total Area in Sq Yds + Covered Area in Sq Ft ) x Factor}/2]
ARV = TAX x 15/100
STEP – I
If self- occupied
By Serving-GS, tax = “TAX” – 60% of “TAX”
By Retired-GS, tax = “TAX” – 100% of “TAX”
If rented tax = Actual Rent or Prevailing Market Rent
STEP - II
For YOC rebate Deduct
10% if > = 10 years or < = 15 years
15% if >15 years or < = 20 years
20% if >20 years or < = 25 years
25% if >25 years or < = 30 years
30% > = 30 years
DEVELOPED AREAS: CATEGORIES
CATEGORY - A FACTOR : 4 (changed from 7 to 4)
D.H.A., Old Cav. Grd, Ext. Cav Grd, Main Cantt Residential Area
CATEGORY - B FACTOR : 3.5 (changed from 6 to 3.5)
Super Town, Zaman Colony, Sheraz Villas, Eden Cottages, Butt Villas, New
Super Town, New Iqbal Park, Yasmin Lane, Punjab Cooperative Society,
Civil Defence, Sui Gas Colony, Shah Taj Colony, Rehman Vilas, Real
Cottages, Larchs Colony
CATEGORY - C FACTOR : 3 (changed from 5.5 to 3)
Butt Vilas, Ali View Park, Cantt View
CATEGORY - D FACTOR :2.5 (changed from 5 to 2.5)
Mian Park, Korey, Punjab Small Industries Housing Scheme, Gulshan Park,
Sultan Park
CATEGORIES EXTENDED AREA
“X-A”
Qadri Colony, Farooq Colony, Iqbal Park, Al-Noor Town, Muhammadi Road,
Firdous Park, Shoukat Town, Muhammad Pura Madina Colony, Peer Colony
SELF:
ANNUAL RENTAL VALUE PER MARLA
Single Story
Double Story
Road upto 15 feet
700/- per marla
1000/- per marla
Road above 15 feet
900/- per marla
1200/- per marla
RENTED:
ACTUAL RENT PER MONTH x 12
TAX:
15% of Annual Rental Value
Example
Property
No.
Property Detail
Area
Old
Tax
Annual Tax as per Formula
E-13-15-H
Road upto 15 feet Single
Storey (10 Marla)
Islam
Nagar
495/-
1050/-
“X-B”
L.D.A Quarters, Nishat Colony, R.A.Bazar, Gulistan Colony, Bilal Town, Yasin Town,
Gulbhar Colony, Ghousia Colony
SELF:
ANNUAL RENTAL VALUE PER MARLA
Single Story
Double Story
Road upto 15 feet
500/- per marla
800/- per marla
Road above 15 feet
700/- per marla
1000/- per marla
RENTED:
ACTUAL RENT PER MONTH x 12
TAX:
15% of Annual Rental Value
Example
Property
No.
E-29
Property Detail
Road upto 15 feet Single
Storey (10 Marla)
Area
Old
Tax
Annual Tax as per Formula
Nishat
Colony
627/-
750/-
“X-C”
Ghosia Colony(LDA), Maryam Colony, Kohar, Manawala,Buksheesh Pura, Charrar,
Chung, Rehmat Pura, Keer Khurd, Aamar Sidhu, Model Colony
SELF:
ANNUAL RENTAL VALUE PER MARLA
Single Story
Double Story
Road upto 15 feet
300/- per marla
500/- per marla
Road above 15 feet
400/- per marla
600/- per marla
RENTED:
ACTUAL RENT PER MONTH x 12
TAX:
15% of Annual Rental Value
Example
Property
No.
E-6
Property Detail
Road upto 15 feet Single
Storey (6 Marla)
Area
Old
Tax
Annual Tax as per Formula
Ghousia
Colony
99/-
270/-