ISLAMABAD: News sources say that the Federal Board of Revenue (FBR) is preparing to implement a significant hike in property assessment rates from 20% to 100% in 42 major urban centers across Pakistan.
The extent of the increase will vary depending on the fair market value of the respective localities. According to media reports, the FBR has finalized a revised rating table which will soon be submitted to the Ministry of Law for approval. If approved, the updated rates are expected to come into effect within the month. This will be the first update in property assessment rates since September 2022.
Read: FBR revises income tax rates, issues new cards, announces exemptions IN addition to the hike in tax rates, the FBR will be at the center of the next phase which is expected to expand the property assessment regime to 14 more cities. With this expansion, the total number of cities covered under the property assessment framework will increase from 42 to 56.
The revised assessment rates will be applicable initially to properties in the following cities: Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana Sahib, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.