Islamabad, Oct 30: FBR Hikes Property Rates by 75% in 56 Cities
In all of the nation’s major cities, the Federal Board of Revenue (FBR) has updated the values of real estate.
On a national scale, the revised tariffs for immovable properties would take effect on November 1, 2024.
The FBR released notices on Tuesday in this regard. The property valuations have been significantly raised to over 75% of actual market rates under the latest notifications.
“In exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001, the FBR has determined new fair market value of immoveable properties in respect of areas or categories specified. The fair market value of the superstructures for residential, commercial and industrial areas/properties have also been notified in each city”, the notification said.
The valuation rates of properties in 56 cities has been revised upward including Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafiz Abad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.
The FBR was granted until October 11, 2024, by the Federal Tax Ombudsman (FTO) to revise the values of immovable properties nationwide.
