Taking cognizance of a number of complaints from across the country received from various stakeholders including real estate agents and town developers about extraordinary rise in property rates resulting from the recently notified property valuation, FBR has issued detailed instructions through an Office Memorandum (OM) on the procedure to be adopted to review the anomalies in the property rates and rationalize the same.
Accordingly, it has been decided to review and revisit the notified valuation tables wherever overvaluation or undervaluation is pointed out by a stakeholder.
It has been stated in the instructions that all Chief Commissioners Inland Revenue (CCIRs) shall constitute Valuation Review Committees (VRCs), and notify them by December 10, 2021.
Any stakeholder having any reservations about valuations may lodge a representation before VRC by December 15, 2021.
Chief Commissioners will undertake meaningful consultative process with the stakeholders and engage SBP’s approved valuers for determination of values, which could be either more or less than the lately notified valuations.
It is pertinent to mention that Federal Board of Revenue (FBR) is empowered to determine fair market value of immovable properties in terms of section 68(4) of the Income Tax Ordinance, 2001.
Therefore, FBR vide SRO No.1534-1572(I)/2021, dated 01.12.2021 issued new valuation tables of properties across 40 major cities with a view to bringing them closer to the actual market prices. b
