LAHORE: In order to bring the immovable properties in 1,271 regions of Lahore into compliance with the district collector (DC) rates as of January 1, 2023, the Federal Board of Revenue (FBR) amended the value rates for certain assets.
As per the details, the FBR has released notification 2300(I)/2022 on Tuesday in this regard.
With the exception of a few regions where the values have been increased to meet the DC rates, the values have decreased in the majority of these Lahore neighborhoods.
The FBR has estimated the fair market value of the immovable assets in Lahore as indicated in the recent notice, while the effective date of this announcement is January 1, 2023.
The FBR previously announced valuation tables for the cities, including, Abbottabad, Attock, Bahawalpur, Bahawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela.
The revised rates can be viewed here:
In accordance with the Stamp Act of 1899, the Collectors of districts are authorized to publish rates of immovable properties in the regions under their authority, according to the Board of Revenue Punjab.
Furthermore, the collectors would notify the valuation tables in accordance with the standards outlined in the rules based on values that, in his judgment, are the average of the highest and lowest rates of immovable assets in a zone.
Following the elimination of any abnormalities in the valuation tables, the District Collectors are authorized to engage any additional officer or stakeholder in the committee for completing the value tables.
Besides, the District Collectors shall publish the valuation tables approved by the committee in the official gazette under the title Punjab (Stamp) Valuation Table in accordance with the regulations governing valuation tables.
