FBR proposes revision in property valuation rates of 18 cities

The Federal Board of Revenue (FBR) has proposed a 25-30% expansion in the valuation rates of fixed property for 18 urban communities (counting Islamabad and Lahore), a news source detailed 

The government foundation has made proposals for this hike to encourage its endeavors to carry valuation rates at standard with honest worth. The proposed increment implies that the valuation rates (after their execution) will be lifted from their present estimation of 60% to 85-90%. 

The urban communities influenced are as per the following: Abbottabad, Bahawalpur, Faisalabad, Gujrat, Hyderabad, Islamabad, Jhang, Jhelum, Lahore, Mardan, Multan, Peshawar, Rawalpindi, Sahiwal, Sargodha, Sialkot, Gujranwala, and Sukkur. 

In any case, the FBR has not proposed any expansion in valuation rates of fixed property for Karachi and Quetta. As indicated by the authorities, these proposed changes plan to expand income gathering on land exchanges. 

The specialist has transferred a draft of the reconsidered valuation tables for these urban communities on its site and has welcomed remarks from the partners concerned by June 30. The changed rates will apparently be pertinent from July 1 onwards.