FBR Set to Significantly Increase Immovable Property Valuations This Week
The Federal Board of Revenue (FBR) is set to raise the values of immovable properties by up to 75 percent of the existing market values.
Sources informed ProPakistani that the notification, initially delayed, is now expected to be issued on Friday, October 25. The revised property values, which were initially finalized for around 42 cities, have now been expanded to include over 50 cities, leading to the delay in the notification.
The Law and Justice Division is currently vetting the notifications. Once this process is complete, FBR will issue the revised property valuation rates.
It is noteworthy that the Federal Tax Ombudsman (FTO) had set a deadline of October 11, 2024, for FBR to revise property values across the country. The FBR is raising property valuation rates to align them more closely with market values, as the property valuation rates were not increased last year. FBR has previously adjusted property valuations in 2018, 2019, 2021, and 2022.
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