FBR hikes property valuation rates

The Federal Board of Revenue (FBR) decided to raise property valuation rate in various cities by an average of 13 to 15 percent on Tuesday.

Sources report that the FBR has updated its data in this regard. In addition, it has been determined to raise from 42 to 51 the number of cities for which the FBR provides estimated values.

According to a senior government official, after consulting with the provincial authorities, the revised projected value will take effect on August 1, 2023.

At present, the number of cities in which the FBR assesses property is 40 and the cities include Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujarat, Gwadar, Hafizabad, Haripur, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpur Khas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupuri, Sialkot, Sukkur and Toba Tek Sindh.

Since nine additional cities have been added to this list as of August 1, 2023, all of these cities' estimated value statements will be amended upward, with the revisions ranging from 13 to 15 percent.

Last month, a senior member of the Punjab Board of Revenue (PBR) convened a meeting with deputy commissioners and district collectors and instructed them to draft estimated value statements in conjunction with FBR representatives.