ISLAMABAD: In order to bring property valuation rates in over 20 cities up to par with DC rates for the current fiscal year, the Federal Board of Revenue (FBR) increased valuation rates in certain cities by an average of 10%–30% and also included some rural areas.
The update of the valuation tables of properties is an attachment to the $400 million World Bank (WB) loan titled “Pakistan Raises Revenue (PRR)”.The updated valuation rates will aid in increasing the amount of immovable property taxes collected.
The notified prices by the FBR are, however, still less than the current fair market value.The FBR has now begun quietly updating the valuation tables of properties in several cities during the current fiscal year 2022–2023.
When the PTI government was in power, some areas of the Islamabad Capital Territory (ICT) were removed from the purview of the FBR, and the deputy commissioner of the ICT at the time drastically reduced property values in order to allegedly benefit some political elites.
Now that it has been reversed, the FBR has added some of Islamabad to the revised valuation rates. In its most recent SRO, the FBR has changed the valuation rates for real estate for cities like Rawalpindi, Dera Ismail Khan, and Attock upward.
For properties in Sheikhupura, Faisalabad, Bahawalnagar, Chakwal, Gujranwala, Hafizabad, Haripur, Jhelum, Bahawalpur, Khushab, Lasbella, Gwadar, Lodhran, Mandi Bahauddin, Multan, Rahim Yar Khan, Sargodha, Toba Tek Singh, Jhang, Sahiwal, and Islamabad, the Board
