Confusion: Tax on Land and Property

[nakaiun]

in Pakistan tax on land and property is on market value or at cost?

[student_of_law]

Currently there is only property tax on immovable properties. It is a provincial tax. It is based on annual rental value, i.e. rent that a property may fetch annually. However, in this regard, Government has fixed its values for different types of properties, which are usually, lower than the actual rent on which property may be rented out

Once there was wealth tax on property. But Musharraf abolished it to make the rich and generals happy.