The Federal Board of Revenue (FBR) is poised to announce new property rates, extending its coverage to 54 cities nationwide, up from the previous 42.
Sources indicate that these updated rates will be revealed in the coming days, along with new valuations for an additional 12 cities.
The reassessment of property prices has been finalized, with the new valuations aimed at aligning more closely with current market rates.
Notably, property rates in Balochistan are expected to decrease, while major cities such as Karachi, Lahore, Islamabad, and Peshawar will receive updated rates.
The new valuation tables are anticipated to be released this week, pending approval from the Ministry of Law, with the objective of enhancing tax revenues from property transactions.
FBR officials have reassured that the real estate and construction sectors will not be discouraged, although there is a proposal to increase taxes for those involved in buying and selling property files.
Consultations with real estate associations, builders, and developers have played a crucial role in determining these new rates.
Cities included in this latest property valuation process are Bhakkar, Charsadda, Chiniot, Khanewal, Khushab, Mianwali, Sibi, and Swabi.
