ISLAMABAD: The Federal Board of Revenue (FBR) updated immovable property value rates in 40 major cities throughout the nation on Thursday, compared to previously published rates from December 1, 2021.
The FBR had increased property rates by 600 to 700 percent in the previous appraisal, depending on the locations of separate cities, but it was unable to execute the higher rates. Now, the value rates for commercial, residential, apartments, flats, and other places in 40 major cities have been increased anew, with the revised range of property valuations ranging from 25% to 250% on average.
To collect additional taxes from the property industry, the valuation tables have been updated. The FBR has upped the value rates of 40 cities by a factor of ten. The Federal Board of Revenue (FBR) has announced valuation tables for Abbottabad, Attock, Bahawalpur, Bahawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, etc.
Property in Satellite Town is valued at Rs.2.4 million in a residential area and Rs.5 million in a commercial area in Rawalpindi, while DHA-1 is valued at Rs.740,000 per marla in a residential area and Rs.4.4 million in a commercial area, and DHA Valley is valued at Rs.125,000 per marla in a residential area and Rs.575,000 per marla in a commercial area.
In the case of Islamabad, the valuation rate for E-7 was revised downward to Rs.150,000 for any size against the earlier rate of Rs.250,000 per square yard, F-6 rate was fixed at Rs.140,000 for any size from the earlier notified rate of Rs.200,000 per square yard, F-7 rate was fixed at Rs.140,000 for any size against earlier notified rate of Rs.350,000 per square yard, E-11/3-4 was fixed at Rs.70,000 for any size against Rs.110,000 per square yard.