Agriculture, services, property, and retail — sectors largely under provincial jurisdiction — dominate Pakistan’s economy. Property taxes in Pakistan are archaic, under-assessed, and riddled with discretion. Despite rapid urbanization and soaring real estate prices, property tax collection remains trivial. Ultimately, Pakistan’s fiscal crisis cannot be solved by squeezing the same narrow set of taxpayers or by perpetually seeking external bailouts. Without meaningful provincial tax effort, every reform package will remain incomplete, and every stabilization will be temporary.