The Federal Board of Revenue (FBR) has increased the values of immovable properties in 20 cities in a bid to bring them on par with market rates. The board has issued a notification in this regard, taking effect from July 24, 2019.
The valuation rates for commercial, residential, industrial, and flats are different. According to FBR officials, the property rates have been increased from 50 percent to 85 percent.
The revised valuation applies for Abbottabad, Bahawalpur, Faisalabad, Gujrat, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Lahore, Mardan, Multan, Peshawar, Quetta, Rawalpindi, Sahiwal, Sargodha, Gujranwala, Sukkur, and Gwadar.
The government has increased property valuation rates for the second time this year. Earlier, it had increased the property rates by 20 to 55 percent. On average, property valuation rates have increased by 50 percent cumulatively in the past six months.
Here are the revised property valuation rates: