Islamabad: The Federal Board of Revenue (FBR) is set to release new property valuation rates this week, with expected increases of up to 75% of the current market values. This news was reported by a news source on October 24.
The eagerly awaited notification is now likely to be issued on Friday, October 25, following previous delays. Sources indicate that the revised property values have been finalized for over 50 cities, an increase from the earlier estimate of 42. The announcement was initially scheduled for October 11, but the expansion in the number of cities necessitated a postponement.
Currently, the Law and Justice Division is vetting the notifications, and once this process is complete, the FBR will formally announce the updated rates. This revision is in response to a directive from the Federal Tax Ombudsman (FTO), which mandated the FBR to update property values across the country by October 11, 2024.
The adjustment in property valuation rates aims to align them more closely with actual market values, a critical move considering that the FBR did not raise property values last year. Historically, the FBR has made adjustments to property valuations in 2018, 2019, 2021, and 2022, emphasizing the importance of keeping property assessments current in relation to market trends.
This forthcoming revision will have significant implications for property owners and investors, affecting taxation and overall investment strategies in the real estate market. Stakeholders are encouraged to stay informed about the FBR’s updates, as the new valuation rates will play a crucial role in shaping property transactions across the country.
