FBR Increases Property Rates By Up to 75% Across 56 Cities in Pakistan

The Federal Board of Revenue (FBR) has upward revised values of immovable properties in all major cities across the country.  The new rates of immovable properties would be applicable from November 1, 2024, on the national level.  In this connection, the FBR has issued notifications on Tuesday. Under the new notifications, the property values have been further increased to nearly 75 percent of actual market rates.  “In exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001, the FBR has determined new fair market value of immoveable properties in respect of areas or categories specified. The fair market value of the superstructures for residential, commercial and industrial areas/properties have also been notified in each city”, the notification said.  The valuation rates of properties in 56 cities has been revised upward including Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafiz Abad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh. The Federal Tax Ombudsman (FTO) had given a deadline of October 11, 2024, to the FBR for the revision of values of immovable properties across the country.