The Federal Board of Revenue (FBR) recently announced a significant change in property valuation across 56 cities in Pakistan. Starting November 1, 2024, these new values will bring official property rates closer to market rates. It aims to develop a clearer property tax system. This 2024 property update is part of FBR’s efforts to streamline property tax collection across the country.
This FBR update has raised property values in some areas by up to 75% of the current market rate. Many people are asking, "What is the new tax on property in FBR?" and how these new values will affect property transactions? This update will impact property buyers, sellers, and investors, especially in major cities like Karachi, Lahore, Islamabad, and other important areas included in the FBR 56 cities.
For those curious about the current property tax in Pakistan, these new values mean that property taxes could go up. By increasing the official property values, the FBR hopes to ensure that the taxes paid by property owners more accurately reflect actual property rates in Pakistan.
The impact is likely to be more noticeable in bigger cities like Karachi, where the property market is already competitive. If you are wondering, "What is the rate of return on property in Pakistan?" the updated rates might influence future returns due to higher transaction values and taxes.
Below is a table showing the 56 cities affected by the FBR Nov 2024 valuation update:
S.No | City | S.No | City |
1 | Abbottabad | 29 | Mardan |
2 | Attock | 30 | Mirpurkhas |
3 | Bahawalpur | 31 | Multan |
4 | Chakwal | 32 | Nankana |
5 | Dera Ismail Khan | 33 | Narowal |
6 | Dera Ghazi Khan | 34 | Peshawar |
7 | Faisalabad | 35 | Quetta |
8 | Ghotki | 36 | Rahim Yar Khan |
9 | Gujranwala | 37 | Rawalpindi |
10 | Gujrat | 38 | Sahiwal |
11 | Gwadar | 39 | Sargodha |
12 | Hafizabad | 40 | Sheikhupura |
13 | Haripur | 41 | Sialkot |
14 | Hyderabad | 42 | Sukkur |
15 | Islamabad | 43 | Toba Tek Singh |
16 | Jhang | 44 | Karachi |
17 | Jhelum | 45 | Kasur |
18 | Karachi | 46 | Khushab |
19 | Kasur | 47 | Larkana |
20 | Khushab | 48 | Lasbela |
21 | Lahore | 49 | Lodhran |
22 | Larkana | 50 | Mandi Bahauddin |
23 | Lasbela | 51 | Mansehra |
24 | Lodhran | 52 | Hyderabad |
25 | Mandi Bahauddin | 53 | Islamabad |
26 | Mansehra | 54 | Lahore |
27 | Sialkot | 55 | Rawalpindi |
28 | Quetta | 56 | Faisalabad |
The FBR’s property tax update aims to improve clarity in the real estate sector of Pakistan. By setting property values that are closer to market rates, the government can ensure that everyone pays their right share in property taxes. This change will impact anyone buying, selling, or investing in property, especially in cities with high real estate activity like Karachi. It’s a step towards making property dealings in Pakistan more open and trustworthy.
This FBR property valuation update for 56 cities is one of the largest changes in recent years. Property values for residential, commercial, and industrial areas have been raised significantly, affecting property taxes and potentially property returns. If you are involved in real estate or planning to buy or sell property, staying informed on these property rates in Pakistan will help you make better decisions.
This major property tax update from the FBR aims to reflect actual market values. It makes property taxes fairer and easier. Consult a real estate professional to understand how these changes may affect your property transactions.
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