FBR will update property values on July 1, 2024

FBR will update property values on July 1, 2024

Islamabad: The Federal Board of Revenue (FBR) is scheduled to disclose updated property values in the coming month, following a two-year pause since the last valuation in March 2022.

As per the specifics, this endeavor aims to integrate newly established housing societies into the tax system. The FBR has launched a nationwide initiative to revise property valuation formulas with provincial authorities.

Read more on EL News: CDA to Enhance the Commercial Plots Floor Area Ratio.

Per the agreement between the FBR and the real estate sector, the anticipated increases were temporarily suspended until September 2023.

Committees were established in each city to develop new values in collaboration with real estate associations. Builders and developers subsequently finalized these values in partnership with regional tax offices before submitting them to the FBR.

For more updates & details, keep visiting Estate Land Marketing.

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