The Federal Board of Revenue (FBR) has issued a new notification updating official property rates in 56 cities across Pakistan, fulfilling another commitment to the International Monetary Fund (IMF).
Effective November 1, property rates in 45 of these cities will see an increase of up to five percent, aligning them with approximately 80% of current market rates.
However, the property rates in 11 major cities, including Karachi, Lahore, Rawalpindi, Islamabad, and Multan, will remain unchanged. Other cities maintaining their existing rates include Quetta, Gwadar, Bahawalpur, Lasbela, Rahim Yar Khan, and Sargodha.
The new rates will apply to cities such as Peshawar, Abbottabad, Faisalabad, and Gujarat. Revised rates have also been set for Attock, Haripur, Hyderabad, Wazirabad, Sahiwal, and Gujranwala. Changes are also in effect for Bahawalnagar, Bannu, Bhakkar, Chakwal, Chiniot, Dera Ismail Khan, and Dera Ghazi Khan.
Additional notifications have been released for property rates in Murree, Ghoda Gali, Jhang, Ghotki, Jhelum, Kasur, Kohat, Khushab, Hafizabad, Kotli Sattian, Larkana, and Lodhran. Property rates have also changed in Wazirabad, Sheikhupura, Sialkot, Sukkur, Talagang, and Toba Tek Singh, along with new rates for Whari, Mandi Bahauddin, Mansehra, Mardan, Mianwali, and Mirpur Khas, as well as Nankana Sahib, Narwal, and Nowshera.
The FBR’s revision of property rates is anticipated to enhance tax revenue while ensuring compliance with international financial obligations.
