Islamabad: The Federal Board of Revenue (FBR) plans to increase property valuation rates by an average of 13% to 15% in various urban centres across the country, according to news published on July 11.
As per the details, this decision is in line with conditions set by the World Bank for a loan provided to Pakistan. The aim of raising the valuation rates is to align them more closely with the existing fair market value of properties.
The government has decided to increase the number of cities from 42 to 51 in an effort to revise property valuation rates. The FBR will notify the hiked property valuation rates, which will take effect from August 1, 2023.
Currently, the FBR’s property valuation rates apply to over 40 cities and towns across the country. Under the upcoming revision, the valuation tables for these cities will be adjusted upward by 13% to 15%. Additionally, nine more cities and towns will be added to the valuation tables’ list from August 1, 2023.
The Punjab Board of Revenue recently held a meeting to discuss the progress of preparing valuation tables in consultation with FBR representatives. The district collectors in Punjab were instructed to include FBR representatives in the committee responsible for preparing the valuation tables. The completion timelines for the valuation tables were emphasized, and it was advised to include the names of housing societies or schemes, along with the Khasra numbers, in the valuation tables.
According to a senior FBR official (whose name was not disclosed), the work on updating the valuation tables and adding more cities and towns has been completed. The FBR is currently reviewing the work done by the field formations in consultation with provincial authorities.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
