The Federal Board of Revenue (FBR) on Wednesday raised property valuation rates for immovable properties in 56 cities. According to details, the FBR jacked up the property valuation rates by 75% of the actual market rates starting November 1, 2024. This decision aims to enhance revenue collection and reduce the undervaluation of properties. The updated rates reflect the FBR’s commitment to align the property values with their real market worth, expanding the number of cities affected from 42 to 56, in line with World Bank stipulations. The new valuation rates, include separate categories for commercial, industrial, and residential properties. The detailed notification of these revised rates is expected to be made public soon, following the approval from the FBR chairman. The changes will potentially raise property values by up to 75% in some cases, as part of a broader effort to realign with current market conditions and boost fiscal revenues.

Credit: Independent News Pakistan