Valuation Rates to Be Reviewed by FBR in Consultation With Stakeholders
Saturday in Islamabad, the Federal Board of Revenue (FBR) said that it would evaluate the recently established property valuation rates in consultation with real estate agents and other interested parties. A conference will be conducted to regulate property taxes in places where valuation rates are greater than market rates.
Tahr Jappa, a spokesperson for the FBR, stated that the recent modifications to the fixed property valuations for the 40 cities followed a consultative approach conducted by FBR field formation officers. After consulting with relevant parties, the FBR would investigate instances where property valuation exceeds current market rates.
The representative added that the valuation would be examined on an individual basis. It is crucial to note that on December 1, the FBR amended the valuation of immovable assets by boosting property prices from 100% to 600%.
Realtors and market participants told the FBR that the modifications are inconsistent with real-time market data and must be investigated. The FBR increased prices to increase construction and real estate-related taxes, which is one of the Financial Actions Task Force’s top priorities (FATF).
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