Property tax is a significantly under-utilised tax instrument in Punjab, accounting for only 6% of the total provincial tax. With a population of over 100 million, all of Punjab collects less urban property tax than the city of Chennai in India, home to about 10 million people. Punjab’s cities have significant service delivery deficits. For example, only 35% of urban households in Punjab have piped water. These deficits will worsen in the absence of local financing that can be used to make public investments. This policy brief outlines the current landscape of property taxation in Punjab, highlights the significance of this source of public finance, and frames future policy direction, particularly the trade-offs between various valuation systems.