Islamabad: The Federal Board of Revenue(FBR) is prepared to increase property valuation rates by 20 to 100 percent in 42 major urban areas, depending on “fair market value.”
FBR has finalized the revised valuation list for these 42 cities and has decided to send it to the Ministry of Law for review before officially releasing it. The notification of the increased property rates is expected to be issued within this month.
The last property valuation list was released on September 13, 2022, after a two-year gap.
An FBR official confirmed that the revised valuation is based on fair market value and location and that FBR plans to conduct such revisions more frequently in the future to better assess the sector’s potential.
FBR is also considering including 14 more cities to expand the scope of notified property valuations, increasing the total from 42 to 56 cities in the next phase.
Currently, property rates will be revised in cities such as 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.
This increase in property valuation is crucial as it will help FBR boost its tax revenue.
