The Federal Board of Revenue (FBR) has announced a major upward revision in property valuation rates across the country, increasing them to over 75% of actual market levels. The new rates will take effect from November 1, 2024.
According to notifications issued on Tuesday, the FBR has revised the fair market value of immovable properties, along with superstructures in residential, commercial, and industrial categories, for all major cities.
The updated valuations apply to 56 cities, including Islamabad, Lahore, Karachi, Faisalabad, Peshawar, Quetta, Multan, Gwadar, Hyderabad, Rawalpindi, and Sialkot, among others.
The revision follows a directive from the Federal Tax Ombudsman (FTO), which had given the FBR until October 11, 2024 to update property values nationwide.
