ISLAMABAD – The Federal Board of Revenue (FBR) has planned to increase property valuation rates by 20% to 100% in 42 major cities across the country, keeping in view the market value.
The top tax authority has finalised its revised list of property values for these 42 cities and has decided to send it to the Ministry of Law for review before officially issuing the notification. The notification for the increase in property valuation is expected to be released during running month of September.
FBR had last revised the property valuation on September 13, 2022.
Reports said the authority intended to revise the valuation on regular basis in order to tap the true potential of the property sector.
Furthermore, it also intends to include more cities to broaden the scope of its notified values in future. It has planned to add 14 more cities, increasing the total number of cities from 42 to 56 in the next phase.
List of Cities
The property values in the following 42 cities will be re-assessed:
Abbottabad
Attock
Bahawalpur
Chakwal
Dera Ismail Khan
Dera Ghazi Khan
Faisalabad
Ghotki
Gujranwala
Gujrat
Gwadar
Hafizabad
Haripur
Hyderabad
Islamabad
Jhang
Jhelum
Karachi
Kasur
Khushab
Lahore
Larkana
Lasbela
Lodhran
Mandi Bahauddin
Mansehra
Mardan
Mirpurkhas
Multan
Nankana Sahib
Narowal
Peshawar
Quetta
Rahim Yar Khan
Rawalpindi
Sahiwal
Sargodha
Sheikhupura
Sialkot
Sukkur
Toba Tek Singh
The increase in property valuation rates will help FBR to increase it tax revenue.
