New property tax rates notified

After a hike in taxes, the Urban and Rural Registrar Tehsil Offices have issued new rates for the property registration of commercial and domestic property registries in the new financial year 2024-25.

A total of 39% of new taxes and duties will be applicable in the new property registries from July 3. A record increase of 25% per marla has also been made in the DC rates for properties in all areas across the district, but this increase will be implemented from January 1, 2025. Earlier, the DC rate was increased by 10% overall.

For the new registry of property, the stamp paper cost will be 15%, municipal corporation tax 1%, e-tax 1%, gain tax for the filer 3% and the non-filer 10%, and advance tax for the filer 3% and for the non-filer 12%.

Advance tax on property value from Rs50 million to Rs100m will be 4% for the filer and 165 for the non-filer, while advance tax on value above Rs100m will be 5 % for the filer and 20% for the non-filer.

Authorities have introduced the term ‘New Filer in the property registries. All new filers have also been taxed higher. Advance tax for the filer will be 4%, 7% for the new filer and 16% for the non-filer Similarly, the gain tax for the filer will be 3%, new filer 6% and non-filer 10%.

Due to the new taxes, there were no new registrations on July 1 and 2. Property dealers say the real situation of taxes will be revealed in two or three days.

Dealers Association’s vice president Hassan Shah says according to some estimates, up to 45 to 50% of new tax duties have been imposed, which will be implemented one by one by the administration.

When contacted, Mudassar Shaikh, the secretary-general of the Stamp Paper Vendors Union, said that uncertainty prevailed among citizens and dealers. Until the Registrar Properties issues a notification, the issuance of stamp papers will remain in abeyance, he adds.