Islamabad, Oct 11: FBR Increases Property Rates by Up to 75% Across Pakistan
The Federal Board of Revenue (FBR) will increase the immovable property values by up to 75% of their current market values.
The Law and Justice Division had received the notifications from FBR for review. On Friday, or today, the FBR is anticipated to release the improved values of the immovable properties.
The Federal Board of Revenue (FBR) has been granted until October 11, 2024, by the Federal Tax Ombudsman (FTO) to revise the values of all immovable assets in the nation.
The FBR has completed its updated value tables for 42 significant cities in this regard. In order to bring property valuation rates closer to market values, the FBR will raise them. Last year, the FBR did not increase the rates for property value.
It is anticipated that the property prices, which are currently approximately 75% of market value, will rise even more to 80–90% of forecasted market rates.
Four property valuation adjustments had already been made by the FBR: in 2018, 2019, 2021, and 2022. The values of immovable properties have dropped in a few instances, such as Gwadar.
However, new notifications have generally resulted in a significant increase in the value of immovable properties.
In several instances, the figures have increased by 75%.
The valuation rates of properties in forty-two cities—Abbotabad, 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, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
