Rawalpindi: The Federal Tax Ombudsman (FTO) has unveiled startling discrepancies in property valuation tables in Rawalpindi, raising concerns about the accuracy of property assessments in the city, according to news sources on October 25.
Read:PIDE proposes auction-based property valuation to end discrepancies An independent investigation by the FTO highlighted issues with valuation rates and the omission of key areas, jeopardizing the fairness and transparency of property transactions. In a recent revelation, the Federal Tax Ombudsman (FTO) conducted a comprehensive review of property valuation in Rawalpindi and discovered glaring discrepancies in valuation rates. The FTO’s investigation focused on the valuation tables and market analysis conducted by the FBR. In particular, the FTO found that the property valuations in Rawalpindi, as outlined in Statutory Regulatory Order (SRO) 1734(1) dated September 13, 2022, raised concerns. The investigation revealed that several important areas in Rawalpindi were not included in the valuation tables. Notably, areas such as the heart of Rawalpindi city, including Raja Bazaar, Asghar Mall, Sadiqabad, Pirwadhai, and residential and commercial regions, were excluded from the valuation process. Omissions also extended to agricultural lands, rural areas, and several tehsils in the district.
Read:FTO urges systematic reforms in FBR’s property valuation nationwide Furthermore, discrepancies were found in the valuation of different property types, including shops and plots. The FBR failed to account for the unique characteristics of specific areas, such as Askari housing societies, which predominantly consist of apartments. This revelation has raised questions about the FBR’s attention to publicly available market rates and the absence of a uniform valuation method. The FTO has emphasized the need for corrective measures to address these discrepancies and ensure a fair and transparent property valuation system in Rawalpindi.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
