Punjab: Minimum property tax rates increased by 5%

Punjab: The Local Bodies Department has increased the floor rates of property tax in urban local bodies (ULBs) by 5 per cent. The rates have been increased in view of the increase in collector rates in the recent past. An order in this regard was issued by the Additional Chief Secretary, Local Bodies. It said that the Centre has mandated that the floor rates of property tax in ULBs should be in line with the existing circle rates to avail the additional borrowing limit of 0.25 per cent of GSDP. It was also necessary to obtain funds under the centrally sponsored schemes of the Ministry of Housing and Urban Affairs. The last increase in these rates was done in 2021.