Islamabad: The Federal Board of Revenue (FBR) is set to release updated property values starting July, after a two-year hiatus since the last valuation in March 2022, as reported in a news article on May 2.
According to the details, this initiative aims to incorporate new housing societies into the tax net. The FBR has initiated the process of updating property valuation tables nationwide in collaboration with provincial authorities. Initially proposed increases were temporarily suspended until September 2023, as agreed between the FBR and the real estate sector.
Committees were formed in each city to determine new values in consultation with real estate associations. Developers and builders then worked with regional tax offices to finalize these values, which were submitted to the FBR.
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