Islamabad, Oct 23: FBR to Drastically Raise Immovable Property Valuations This Week. Immovable property values will be increased by the Federal Board of Revenue (FBR) by up to 75% of their current market values.
Media was informed by sources that the previously postponed notification in this regard is now expected to be sent out on Friday, October 25. A letter was scheduled to be sent out on Friday, October 11.
According to sources, after the updated values of immovable properties were finalized for about forty-two cities. However, the notification was delayed because the number of cities has now climbed to above 50.
The notifications are presently being reviewed by the Law and Justice Division, and FBR will send them out after the procedure is complete. The Federal Tax Ombudsman (FTO) has given FBR until October 11, 2024, to revise the values of immovable properties nationwide. This is an important point to note.
To get property valuation rates closer to market values, the FBR will raise them. Last year, the FBR did not increase property valuation rates. Four prior property adjustments were made by FBR in 2018, 2019, 2021, and 2022.
