FBR Proposes Revised Property Valuation Rates in 18 Major Cities
Federal Board of Revenue (FBR) has proposed massive increase in property valuation rates of 18 major cities of Pakistan in an attempt to bring the official value closer to the fair market value of a property. The authority has solicited suggestions/views of general public/experts/realtors on the revised valuation rates which can be provided at email address: secy.itb@fbr.gov.pk, not later than 30th of June 2019.
Earlier, the property valuation rates in most of the cities/areas were at an average of 25% to 35% of their actual market value, which were revised in February 2019 to increase it up to 50%. This is the third time FBR is going to revise property valuation rates in order to better assess the volume of real estate investments and maximize the revenue potential from this major source.
According to FBR, the valuation rates are being revised by 60% up to 85% of the fair market value in various cities of Pakistan. The cities include Abbottabad, Bahawalpur, Faisalabad, Gujrat, Hyderabad, Islamabad, Jhang, Jhelum, Lahore, Mardan, Multan, Peshawar, Rawalpindi, Sahiwal, Sarghoda, Sialkot, Gujranwala and Sukkur. There is no change in FBR valuation rates of properties in Karachi.
FBR intends to implement the revised property valuation rates from 1st July 2019 unless there is some serious resistance from relevant circles. This increase is likely to affect the market negatively, and short term investments may decrease further. But, things will settle down ultimately and people will have to accept the system under which they have to conduct their business.
Following is the list of the proposed property valuation rates in major cities of Pakistan:
| Sr. No. | City | FBR Valuation |
|---|---|---|
| 1 | Abbottabad | Download File |
| 2 | Bahawalpur | Download File |
| 3 | Faisalabad | Download File |
| 4 | Gujrat | Download File |
| 5 | Hyderabad | Download File |
| 6 | Islamabad | Download File |
| 7 | Jhang | Download File |
| 8 | Jhelum | Download File |
| 9 | Karachi | Download File |
| 10 | Lahore | Download File |
| 11 | Mardan | Download File |
| 12 | Multan | Download File |
| 13 | Peshawar | Download File |
| 14 | Rawalpindi | Download File |
| 15 | Sahiwal | Download File |
| 16 | Sargodha | Download File |
| 17 | Sialkot | Download File |
| 18 | Gujranwala | Download File |
| 19 | Sukkur | Download File |
