In a significant development, the Federal Board of Revenue (FBR) is poised to update the valuation rates of immovable properties across 42 cities this month, aligning them with current fair market values. Sources familiar with the matter have revealed that new valuation tables will be released in September 2024. This move marks a major update since the last valuation tables were issued on September 13, 2022.
FBR will increase property price in these cities
The proposed revisions will impact various cities, including Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, and many others. The adjustments are expected to reflect the prevailing market conditions and property values more accurately, potentially influencing property taxes and transactions.
The FBR’s initiative aims to ensure that property valuations are in line with market realities, thereby improving transparency and fairness in property taxation. The new valuation tables will take into account the specific location and fair market value of different areas within these cities. This overhaul underscores the FBR’s commitment to maintaining an equitable property valuation system in Pakistan.
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