PROPERTY TAX
16
PROPERTY TAX Zoning of the Cantt Area Developed Area Extended Area Devising separate formula/yardstick for assessment purposes Formula/yardstick applicable to Residential units All other units are assessed on the basis of actual rent
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PROPERTY TAX. Zoning of the Cantt Area Developed Area Extended Area Devising separate formula/yardstick for assessment purposes Formula/yardstick applicable to Residential units All other units are assessed on the basis of actual rent. Procedure. Working out Annual Value. Developed Area. - PowerPoint PPT Presentation
Transcript of PROPERTY TAX
PROPERTY TAX Zoning of the Cantt Area
Developed Area
Extended Area
Devising separate formula/yardstick for
assessment purposes
Formula/yardstick applicable to Residential units
All other units are assessed on the basis of actual
rent
Basis Location
Total area of the premises
Total covered area of the building
Age of the building (special rebate)
Categories A - D
Developed Area
Working out Annual ValueProcedure
Developed Area
ARV=[{(Total Area in Sq Yds+ Covered Area in Sq Ft ) x Factor}/2] * 100/15
TAX = 15% of ARV
Formula
Working out Annual ValueProcedure
Total Area: 500 yards Covered Area: 4200 sqft
ARV=[{(Total Area in Sq Yds+ Covered Area in Sq Ft ) x Factor}/2] * 100/15 TAX = 15% of ARV
FORMULA
Category Factor AnnualTax (WCB Formula)
A 4.50 10575
B 4.00 9400
C 3.25 7638
D 2.75 6463
Developed Area
Working out Annual ValueProcedure
Total Area: 500 yards Covered Area: 4200 sqftCategory Factor Annual
Tax (WCB Formula)
AnnualTax (Cantt Act)
AnnualTax (Deptt
Guideline 2001)
A 4.50 10575 39825 20088
B 4.00 9400 36075 13392
C 3.25 7638 32325 11160
D 2.75 6463 28575 8928
ARV=[{(Total Area in Sq Yds+ Covered Area in Sq Ft ) x Factor}/2] * 100/15
TAX = 15% of ARV
FORMULA
Developed Area
Working out Annual ValueProcedure
Basis Location Street Width Total area No of Storeys
Categories X-A X-B X-C
Yard Stick X-A X-B X-C
Single Storey
Road upto 15’ 700 500 300
Road above 15’ 900 700 400
Double Storey
Road upto 15’ 1000 800 500
Road above 15’ 1200 1000 600
* All rates are for per marla in Rupees.
TAX = 15% of ARV
Extended Area
Working out Annual ValueProcedure
ARV = Rate x Marlas
Total Area: 5 marla
X-A X-B X-CSingle Storey
Road upto 15’ 578 413 248
Road above 15’
743 578 330
Double Storey
Road upto 15’ 825 660 413
Road above 15’
990 825 495
Tax as per WCB Yardstick
Extended Area
Working out Annual ValueProcedure
X-A X-B X-CSingle Storey
Road upto 15’ 7453 6515 5578
Road above 15’
7453 6515 5578
Double Storey
Road upto 15’ 12094 11156 10218
Road above 15’
12094 11156 10218
X-A X-B X-CSingle Storey
Road upto 15’ 578 413 248
Road above 15’
743 578 330
Double Storey
Road upto 15’ 825 660 413
Road above 15’
990 825 495
X-A X-B X-CSingle Storey
Road upto 15’
2250 2250 2250
Road above 15’
2250 2250 2250
Double Storey
Road upto 15’
4500 4500 4500
Road above 15’
4500 4500 4500
Tax as per WCB Yardstick
Tax as per Deptt Guidelines 2001 Tax as per Cantt Act
Total Area: 5 marla Extended Area
Working out Annual ValueProcedure
Developed area Category A:
DHA Phase (I & II) and old Cavalry Ground : Tax from self x 6
DHA Phase V, Askari Schemes, DHA (sector K,Y,Z) : Tax from self x 7.5
DHA (Phase III & 4), Cavalry Ground Extension : Tax from self x 6.5
Developed area Category B:
Tax from self x 6.5
Developed area Category C and D:
Tax from self x 7
Extended area Category A,B and C:
Factor for Single Storey: 6, Factor for Double Storey: 7
For Rented Properties: (implemented from the year 2010-2011)
To evolve a similar mode of assessment a mathematical formula for commercial
properties is under preparation. Presently commercial buildings are either being
accessed on actual rent wherever rental deeds are available or accessed rental
value.
The assessment of Rental value is generally called to questions and there is a view
that a similar mathematical mechanism may be evolved for commercial buildings.
For Commercial Properties:
Remissions / Exemptions Property Tax remitted under Section 76 of the
Cantonments Act, 1924 when building or land has remained vacant and unproductive of rent for sixty or more consecutive days.
The Board under Section 100 of the Cantonments Act, 1924 may exempt, for a period not exceeding one year at a time from the payment of any tax or any portion of a tax imposed under Act ibid any person who is in its opinion by reason of poverty unable to pay the same.
The property tax is exempted on residential properties of 5 Marla and below as decided by the Federal Government.
10% of the annual tax, on account of repairs and other expenditures incurred to maintain the building in a condition in which it may fetch the gross annual rent.
5% of the annual tax, in a case in which the tax in respect of a financial year is paid in Lump sump before the 30th of September in that year.
60% of the annual tax payable in respect of one house in any Cantonment in Pakistan owned by a person or the spouse of such person whether self occupied or rented out either wholly or in part, who is Federal Government or a Provincial Government or a Cantonment Board servant.
Remissions / Exemptions
100% of the annual tax payable in respect of one house in any Cantonment in Pakistan owned by a Federal Government or a Provincial Government or a Cantonment Board retired person or the spouse of such retired person whether self occupied or rented out either wholly or in part.
100% exemption of the annual tax payable in respect of one house in any Cantonment in Pakistan owned by a widow of any Federal Government or a Provincial Government or a Cantonment Board servant whether self occupied or rented out either wholly or in part.
Remissions / Exemptions
