Islamabad, Sep 9: The Federal Board of Revenue (FBR) is getting ready to dramatically raise property assessment rates by 20% to 100% in 42 major urban locations around Pakistan. The fair market value of the various places will determine how much of an increase there will be.
According to media sources, the Ministry of Law will shortly get the new valuation tables that the FBR has finalized and approved. The revised rates represent the first change to property value rates since September 2022 and are anticipated to be put into effect within the month after they are cleared. In addition to raising rates, the FBR intends to include 14 more urban centers in the next phase of its property valuation system expansion.
Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana Sahib, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh are the cities to which the revised valuation rates will initially apply.The government’s larger initiative to better collect revenue from real estate transactions and match property valuation rates with market values includes this step by the FBR.
