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State of Punjab - Section
Section 3 in Punjab Municipalities (Manner of calculation of market value of certain buildings) Rules, 2013
3. Manner of calculation of the market value.
- In the case of a multistoreys building, group housing building or such like other building, the manner of calculation of the market value for determining the annual value for the purpose of levying the tax shall be such as given in the Table appended to these rules.(See rule 3)Manner of Calculating Market Value for Tax Purpose| Category of building | Market value of a building | ||
| 1. | 2. | 3 | 4. |
| 1. | Multi-storeys building (Show rooms;shop-cum-flats; shop-cum-offices, shops) having basement or not. | The 'market value' as fixed by the Collector asper clause (8aa) of section 3 of the Act. | (a) If the marketvalue of each portion of the building is fixed, then the marketvalue as in column 3.(b) If the marketvalue of each floor of such building is not fixed, then themarket value shall be calculated as under:-(i) For Basement -Twenty percent of the value as given in column 3;(ii) For Ground Floor- Hundred per cent of the value as given in column 3;(iii) For Lower orUpper Ground Floor, as the case may be - Seventy-five per cent ofthe value as given in column 3;(iv) For First Floor- Sixty per cent of the value as given in column 3; and(v) For Second oreach subsequent Floor - Thirty per cent of the value as fixed incolumn 3.Note:- For the purpose of calculatingthe said value, total land area of such building shall be takeninto consideration. |
| 2. | Group housing building | The 'market value' as fixed by the Collector asper clause (8aa) of section 3 of the Act. | For each dwellingunit, the 'market value' as given in column 3.ILLUSTRATION:- If the 'market value' ofthe land is rupees 10,000 per square yard and the covered area ofthe dwelling unit is 100 square yards, then the market value ofthe land of the dwelling unit shall be rupees 10,00,000 (i.e.10,000 multiplied with 100). |
| 3. | Mall, Multiplex and such like other building. | The 'market value' as fixed by the Collector asper clause (8aa) of section 3 of the Act. | For each shop orestablishment, the 'market value' as given in column 3.ILLUSTRATION:- If the 'market value' ofthe land is rupees 50,000 per square yard and the covered area ofthe shop/establishment unit is 100 square yards, then the marketvalue of the land of the shop/establishment shall be rupees50,00,000 (i.e. 50,000 multiplied with 100). |