In accordance with conditions set by the World Bank for a loan granted to Pakistan, the Federal Board of Revenue (FBR) has announced plans to increase property valuation rates by an average of 13% to 15% in several urban centres across the country. This decision aims to bring the valuation rates in line with the existing fair market value of properties.
To implement this revision, the government has expanded the number of cities from 42 to 51 for the purpose of revising property valuation rates. The FBR will issue notifications regarding the increased rates, which will come into effect from August 1, 2023.
Presently, the FBR’s property valuation rates are applicable to over 40 cities and towns nationwide. With the upcoming revision, the valuation tables for these cities will be adjusted upward by 13% to 15%. Moreover, an additional nine cities and towns will be included in the valuation tables’ list from the specified date.
Recently, the Punjab Board of Revenue conducted a meeting to discuss the progress of preparing valuation tables in consultation with FBR representatives.
District collectors in Punjab have been instructed to involve FBR representatives in the committee responsible for creating the valuation tables. The meeting emphasized the need for timely completion of the valuation tables and advised including the names of housing societies or schemes, along with Khasra numbers, in the tables.
A senior FBR official, who requested anonymity, confirmed that the work on updating the valuation tables and incorporating more cities and towns has been finalized. The FBR is currently reviewing the progress made by field formations in collaboration with provincial authorities.
This revision in property valuation rates seeks to bring transparency and accuracy to the valuation process, ensuring that property values are more closely aligned with their actual market worth.
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