The Federal Board of Revenue (FBR) is preparing to raise the valuation rates of immovable properties by up to 75% of current market values. According to sources, the notification, which was previously delayed, is expected to be issued on Friday, October 25.

Initially, the revised property values were finalized for approximately 42 cities, with a notification scheduled for release on October 11. However, the number of cities has since expanded to 54, causing a delay in the notification process.

The Law and Justice Division is currently reviewing the notifications. Once this vetting process is complete, the FBR will proceed with issuing the notifications.

It is noteworthy that the Federal Tax Ombudsman (FTO) had set a deadline of October 11, 2024, for the FBR to revise property values nationwide. The FBR aims to adjust property valuation rates to better align them with market values. The last adjustment in property valuations by the FBR occurred in 2022, following previous adjustments in 2018, 2019, and 2021.