ISLAMABAD: The Federal Board of Revenue (FBR) announced on Wednesday, December 1, 2021, the updated valuation and revaluation of immovable properties in various cities across Pakistan. This move aims to align property values with current market trends, enhancing transparency and fairness in real estate transactions.
The FBR has released revised property values for 38 cities, impacting both commercial and residential properties. This update is part of the FBR’s ongoing efforts to ensure accurate property assessments and curb undervaluation practices that affect tax revenues.
Key Updates in Property Valuation
1. Abbottabad: The property values in Abbottabad have been revised to reflect recent market trends, ensuring fair taxation and accurate representation of property worth.
2. Attock & Bahawalnagar: New valuations have been established for properties in these regions, aiming to provide a more precise reflection of their market values.
3. Bahawalpur: Significant revisions have been made to the property values in Bahawalpur, considering the city’s growth and development over recent years.
4. Chakwal & Toba Tek Singh: The FBR has introduced updated property valuations to ensure these areas’ real estate market is accurately represented.
5. D.I. Khan & Sukkur: Properties in D.I. Khan have new valuations, while Sukkur has undergone revaluation to match current market conditions.
6. Sialkot & Sheikhupura: Revaluation of properties in Sialkot and valuation updates in Sheikhupura aim to correct previous discrepancies and align with market standards.
7. Sahiwal & Faisalabad: Property values in these major cities have been revised, addressing changes in the local real estate markets.
8. Rawalpindi & Rahimyar Khan: The revaluation in Rawalpindi and updated values in Rahimyar Khan are part of efforts to maintain property value accuracy.
9. Quetta & Peshawar: Major revisions and revaluations have been applied to properties in these key provincial capitals.
10. Narowal, Nankana & Mirpurkhas: These cities have seen updates to their property values, ensuring alignment with recent market activity.
11. Ghotki & Mardan: Property valuations have been revised to reflect current market prices and conditions.
12. Mansehra, Mandi Bahauddin & Gujranwala: These areas have received updated property valuations to correct any previous undervaluations.
13. Lasbela & Gujrat: The FBR has updated property values, promoting fair taxation.
14. Larkana & Lahore: Larkana has new valuations, while Lahore has undergone significant revaluation to match its dynamic market.
15. Khushab & Kasur: Updated property values aim to enhance accuracy and fairness in these regions.
16. Gwadar, Jhelum & Jhang: The FBR has revised property values in these cities to better reflect market conditions.
17. Islamabad & Hyderabad: Revaluation efforts in Islamabad and Hyderabad ensure property values are in line with current market trends.
18. Hafizabad & DG Khan: New property valuations have been established to provide accurate market reflections.
19. Multan: Significant revisions in property values aim to align with Multan’s growing real estate market.
Conclusion
These updates by the FBR are expected to create a more transparent and equitable property valuation system, benefiting both the government’s revenue collection efforts and the real estate market’s integrity. Property owners and investors are encouraged to review the new valuations and ensure compliance with the updated rates.
