Punjab: Floor rates of property tax increased by 5%

The Local Government Department has increased the floor rates of property tax by 5 per cent in urban local bodies (ULBs). The rates have been hiked keeping in view the increase in collector rates in the recent past.

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An order in this regard was issued by the Additional Chief Secretary, Local Government. It says the Centre has mandated that the floor rates of property tax in the ULBs must be in consonance with the prevailing circle rates for availing additional borrowing limit of 0.25 per cent of the GSDP. It was also necessary to get funding under the centrally sponsored schemes of the Ministry of Housing and Urban Affairs. The earlier increase in these rates was effected in 2021.