The Federal Board of Revenue (FBR) is set to increase property valuation rates by up to 75% today, bringing them closer to market values.
Sources have revealed that the revised values are expected to be notified after receiving clearance from the Law and Justice Division.
The FBR had been given a deadline of October 11, 2024, by the Federal Tax Ombudsman (FTO) to finalise these revisions.
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This move comes after the FBR completed its revised valuation tables for 42 major cities, which will see property rates adjusted to reflect an estimated 80-90% of market values. The changes will affect commercial, industrial, and residential properties, with significant increases expected in most areas.
In some cases, such as Gwadar, property values have been lowered. However, for most of the country, including cities like Islamabad, Lahore, and Karachi, the rates have been increased.
The last time property valuations were adjusted was in 2022, with previous revisions occurring in 2018, 2019, and 2021.
Cities affected by the new notifications include Abbottabad, Bahawalpur, Faisalabad, Gujranwala, Hyderabad, Multan, Peshawar, Rawalpindi, and Sialkot, among others.
