FBR plans to increase property valuation rates in 42 cities [Check Cities List]

ISLAMABAD – The Federal Board of Revenue (FBR) has planned to increase property valuation rates by 20% to 100% in 42 major cities across the country, keeping in view the market value.

The top tax authority has finalised its revised list of property values for these 42 cities and has decided to send it to the Ministry of Law for review before officially issuing the notification. The notification for the increase in property valuation is expected to be released during running month of September.

FBR had last revised the property valuation on September 13, 2022.

Reports said the authority intended to revise the valuation on regular basis in order to tap the true potential of the property sector.

Furthermore, it also intends to include more cities to broaden the scope of its notified values in future. It has planned to add 14 more cities, increasing the total number of cities from 42 to 56 in the next phase.