Monday, January 26, 2015

The valuation of your property is too high!

Property tax that's too high to pay!

You have just received a property tax notice showing an amount in thousands! To aggravate the situation, the payment date is just a few days away, and there is a letter along with the tax payment slip that says your property is likely to be sealed in case of non-payment!

You feel harassed, threatened, and insecure!

Is there anything you can do to save money?

If so, what is it?

The answer to first question is "yes". You can save money if the assessment of your property is too high and does not reflect the true particulars of your property as it exists.

You can get the valuation of your property reduced if you can show that the onsite and recorded particulars of your property are different. One of the many things that can make your property tax bill too high is that your property is recorded as rented property, but is actually owner-occupied. For a list of the top five reasons for getting a property tax bill amended click here.


Friday, January 23, 2015

Limiting the Property Tax liability of property tax payers under 150%

Limitation

The government of the Punjab has placed a limitation on Property Tax liability for the year 2014-15 based on the property tax liability for 2013-14. The notification for this limitation reads as follows:

"No. SO.TAX(E&T)3-38/2014. In exercise of powers under subsection (3) of section 3 of the Punjab Urban Immovable Property Tax Act, 1958 (V of 1958), Governor of the Punjab is pleased to remit property tax for all the assessees for the financial year 2014-2015, if tax liability is increased more than 50% from the financial year 2013-14. The property tax only to the extent of more than 50% increase shall be remitted."

To download the notification, please click here: Notification No. SO.TAX(E&T)3-38/2014