FBR to Announce New Property Rates for 54 Cities

The Federal Board of Revenue (FBR) is preparing to unveil updated property rates, expanding its coverage from 42 to 54 cities across Pakistan. Sources suggest that the new rates, along with valuations for an additional 12 cities, will be announced in the coming days.

The reassessment of property prices has already been completed, with the updated figures expected to more accurately reflect current market trends. In a notable shift, property rates in Balochistan are set to decrease, while major urban centers such as Karachi, Lahore, Islamabad, and Peshawar will see revised rates.

The new valuation tables are expected to be released this week, pending approval from the Ministry of Law. These adjustments are aimed at increasing tax revenues from property transactions, though FBR officials have emphasized that the real estate and construction sectors will not be negatively impacted.

However, there is a proposal to raise taxes on individuals involved in the buying and selling of property files, signaling potential changes in how real estate transactions are taxed.