Punjab Government to Review Property Valuation Tables
Islamabad: According to news reports, the Punjab government plans to increase the property valuation table rates in the upcoming budget for the fiscal year (FY 2021–2022).
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According to reports, this change in the property value table rates was prepared after consultation with the relevant stakeholders.
The Federal Board of Revenue (FBR), deputy commissioners (DC) in the relevant jurisdictions, and actual valuation rates for the property based on the actual market value of the property in each city or town are now the three separate valuation rates for properties.
Every year, before or on June 30, the valuation tables must be communicated for the upcoming fiscal year.
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The collector is required to notify the valuation tables based on value, which in the collector’s opinion is the average of the highest and lowest rates of immovable property in a zone, in accordance with the parameters laid out in the laws.
The modification of Punjab’s value tables will start between April and May 2021, according to Ehsan Malik, the convener of the Federation of Pakistan Chambers of Commerce and Industry’ (FPCCI) Real Estate sector.
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Real estate groups should therefore make contact with deputy commissioners and collectors as a result of this. The Nambardars might contact the DC for input on valuation tables for rural regions.
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