Download THE PUNJAB URBAN IMMOVABLE PROPERTY TAX ACT, 1958 — It extends to the whole of the Punjab, except the Tribal Areas. Assessing authority means the assessing authority constituted under this Act; buildings and lands include vacant plots or a parcel or portion thereof having fixed boundaries intended for specific purpose including residential, commercial or industrial use. Urban area means an area within the jurisdiction of the Metropolitan Corporation, a Municipal Corporation, or a Municipal Committee and includes any other area which the Government may, by notification, declare to be an urban area for purposes of the Act. A rebate equal to five per cent of the amount of annual tax for a financial year will be given if the amount of annual tax is paid in lump sum on or before the 30th day of September of the financial year or such later date as the Government may, by notification, determine. From the first day of July, 1998 for calculating tax on owner-occupied properties the annual value shall be increased by twenty five per cent of the annual value existing on the said day.