FBR Amended Immovable Property Valuation in 40 Cities
Islamabad: On Wednesday, December 1, 2021, the Federal Board of Revenue (FBR) revised assessment rates for immovable assets in forty cities. As per specifics, it contains residential, commercial, flats, and apartments.
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Previously, immovable property rates were established for 20 cities, but that number has now expanded to 40, along with an increase in both rates and land area. As a result, more taxes will be collected from the property sector. The following are some of the principal cities where FBR revised property rates:
- Kasur
- Gujrat
- Jhelum
- Attock
- Lahore
- Multan
- Sialkot
- Karachi
- Gwadar
- Larkana
- Peshawar
- Islamabad
- Rawalpindi
- Faisalabad
- Abbottabad
- Hyderabad
- Bahawalpur
- Dera Ismail Khan
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According to sources, the FBR has changed the valuation rates for immovable properties in the blue area and E-7 to 680,420 PKR per square foot and 251,500 PKR per square foot, respectively.
In addition, in Rawalpindi, valuation charges for real estate are established based on road placements. The tariffs for multi-story residential structures will be hiked by 25%. In certain instances, appraisal rates have soared by 200 to 400 percent.
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