| Islamabad: The Federal Board of Revenue (FBR) is set to raise immovable property values by up to 75% today, October 11, as shared by a news source.
Read: FBR sets eye on 2.8 mn new taxpayers to increase revenue by 1.6 tn
As per details, notifications regarding these changes have been sent for vetting to the Law and Justice Division and are expected to be finalised today. The Federal Tax Ombudsman (FTO) has also mandated that the FBR revise property values across the country by October 11, 2024. The revised valuation tables for 42 major cities have been finalised, and the FBR is preparing to implement these new rates after having frozen property valuations last year.
Historically, the FBR adjusted property values in 2018, 2019, 2021, and 2022, with some areas like Gwadar seeing decreases, while most cities have experienced significant increases. Under the upcoming changes, property values: currently around 75% of market value—are projected to rise to between 80% and 90%.
Read: FBR given deadline to revise valuation of immovable properties
The new notification will differentiate between commercial, industrial, and residential properties, ensuring that valuation rates reflect the specific market conditions in each category. Affected cities include Abbottabad, Lahore, Karachi, Islamabad, and many others, with substantial adjustments expected. This revision aims to enhance transparency and fairness in property valuation, fostering a more equitable tax system. |
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