The Federal Board of Revenue (FBR) has announced an upward revision of immovable property values across all major cities in Pakistan, with the new rates set to take effect on November 1, 2024. This adjustment aims to align property valuations closer to actual market rates, reaching approximately 75% of current market values.
The FBR issued notifications on Tuesday detailing the revised property values, which apply to residential, commercial, and industrial properties. These changes are made under the authority granted by sub-section (4) of section 68 of the Income Tax Ordinance, 2001. The notifications specify the new fair market values for properties in various areas and categories within each city.
The revised valuation rates affect properties in 56 cities, including Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
This move follows a directive from the Federal Tax Ombudsman (FTO), which set a deadline of October 11, 2024, for the FBR to revise property values nationwide. The updated valuations are expected to enhance transparency and accuracy in property taxation, reflecting more realistic market conditions.
