Islamabad: The Federal Board of Revenue (FBR) has announced plans to increase property valuation rates by 20% to 100% across 42 major cities in Pakistan, an update that marks the first revision since September 2022 and aims to align the rates more closely with current market values.

According to Zameen.Com, the revised valuation tables have been completed by the FBR and are awaiting approval from the Ministry of Law. The proposed adjustments, which could be implemented within the month, vary significantly depending on the fair market values in each location. The FBR’s move is part of an ongoing effort to increase revenue from real estate transactions by ensuring that property taxes reflect actual market conditions.

In addition to the updates in the current cities, the FBR plans to expand its property valuation system to include 14 more urban centers, which will increase the total to 56 cities covered by its framework. The cities set to experience revised rates include major urban centers such as Karachi, Lahore, Islamabad, and smaller cities like Gwadar and Haripur.

This adjustment in valuation rates is expected to enhance the transparency and efficacy of the real estate market in Pakistan by standardizing property valuations and potentially increasing government revenues from property-related taxes.