Govt jacks up valuation rates of properties in 20 cities

ISLAMABAD: The government has jacked up valuation rates of properties in over 20 cities ranging between 10 and 30 per cent on average and also included certain rural areas to bring them on a par with the DC [deputy commissioner] rates during the current fiscal year.

Under the World Bank (WB) loan of $400 million titled “Pakistan Raises Revenues (PRR),” the revision of valuation tables of properties in one condition is attached with it. The revised valuation rates will help collect more taxes from immovable property. However, the FBR’S notified rates are still lower than the existing fair market value.

Now the Federal Board of Revenue (FBR) has started revising upward the valuation tables of properties in different cities silently during the current fiscal year 2022-23.

During the tenure of Pakistan Tehrik-e-insaf (PTI) regime, certain suburbs of Islamabad Capital Territory (ICT) were excluded from the domain of the FBR and the then deputy commissioner ICT decreased the valuation of properties massively for providing alleged benefits to certain political elites. Now the FBR has reversed it and included certain parts of ICT in the revised valuation rates.

The FBR has now revised upward valuation rates of immovable properties for cities including Rawalpindi, Dera Ismail Khan and Attock in its latest issued SRO. Earlier, the Board had revised upward valuation rates of properties in Sheikhupura, Faisalabad, Bahawalnagar, Chakwal, Hafizabad, Haripur, Jhelum, Bahawalpur, Khushab, Lasbela, Gwadar, Lodhran, Mandi Bahauddin, Multan, Rahim Yar Khan, Sargodha, Toba Tek Singh, Jhang, Sahiwal and Islamabad.

A FBR official said they had revised the valuation rates of properties in 40 cities and decided to bring them on a par with the valuation rates notified by respective DC in their areas.

He said the FBR had brought all those areas under the valuation tables where the DC had notified the rates.