New Property Tax Regulations Hit Islamabad, 2024
New Property Tax Regulations Hit Islamabad, 2024; In a recent development, the Capital Development Authority (CDA) has rolled out revised property tax regulations impacting real estate owners across Islamabad. As per the latest update, property owners in various sectors and housing societies, including Shehzad Town, Margala Town, and Rawal Town, are now subject to significant tax increments. For instance, owners of 140 square yards plots now face a tax burden of Rs24,000.
Moreover, the tax landscape extends to farmhouses, with owners of properties spanning eight kanals facing a hefty Rs180,000 levy. Larger farmhouses, ranging from 90 to 120 kanals, are slapped with a staggering Rs442,000 tax bill.
Not stopping there, commercial properties in the prestigious Blue Area now face tiered taxation: Rs32 per square foot for ground floors, Rs22 per square foot for basements, and Rs26 per square foot for residential apartments.
The CDA’s notification also addresses other sectors, with private hospitals facing a tax rate of Rs22 per square foot, petrol pumps and CNG stations taxed at Rs180 per square yard, and marquees and marriage halls subjected to a Rs13 per square foot levy.
These revisions signify a significant shift in the tax landscape for property owners in Islamabad, necessitating a thorough understanding of the updated regulations to navigate the financial implications effectively. Stay informed to ensure compliance and mitigate financial impact.
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