Lahore Cantt Property Tax Formula 301c1

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, onetwentieth 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% 15% 20% 25% 30%

if > = 10 years or < = 15 years if >15 years or < = 20 years if >20 years or < = 25 years if >25 years or < = 30 years > = 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/-