The Federal Board of Revenue (FBR) Tuesday decided to raise property valuation rate in various cities by an average of 13 to 15 percent.
According to sources, the FBR has updated records in this regard, besides it has been decided to increase the number of cities for which FBR issues estimated values from increased 42 to 51.
A top government source confirmed that the new estimated value would be effective from August 1, 2023 after consultation with the provincial authorities.
At present, the number of cities in which the FBR assesses property is 40 and the cities include Abbottabad, Attock, Bahawalnagar, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujarat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpur Khas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupuri, Sialkot, Sukkur and Toba Tek Sindh.
Now the estimated value statements in all these cities will be revised upwards and the revision will be ranging from 13 to 15 percent while nine more cities have also been added to this list and from August 1, 2023.
In a meeting with deputy commissioners and district collectors led by a senior member of the Punjab Board of Revenue (PBR) last month, it was told to the DCs to prepare estimated value statements in consultation with the FBR officials.
