Rawalpindi: According to news sources on October 25, the Federal Tax Ombudsman (FTO) has discovered shocking disparities in property value tables in the city, raising questions about the veracity of property assessments there.
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The fairness and openness of real estate transactions are at risk due to problems with valuation rates and the removal of important information, according to an independent FTO inquiry.
In a recent disclosure, stark disparities in value rates were found after the Federal Tax Ombudsman (FTO) carried out an extensive examination of Rawalpindi’s property valuation. The FTO’s examination was centered on the FBR’s market analysis and valuation tables. The FTO discovered, among other things, that there were issues with the Rawalpindi property assessments as stated in Statutory Regulatory Order (SRO) 1734(1), which was issued on September 13, 2022.
Several significant Rawalpindi regions were missing from the value figures, the inquiry found. Notably, residential and commercial zones, as well as the center of Rawalpindi, including Raja Bazaar, Asghar Mall, Sadiqabad, and Pirwadhai, were not included in the appraisal process. A number of the district’s tehsils, rural areas, and agricultural holdings were also left out.
Additionally, disparities in the appraisal of other property kinds, such as plots and shops, were discovered. The FBR did not take into consideration the special features of certain places, including the Askari housing societies, which are primarily made up of apartments.
The FBR’s attention to publicly known market rates and the lack of a standardised valuation methodology have come under scrutiny in light of this disclosure. In order to rectify these disparities and guarantee a just and transparent property valuation system in Rawalpindi, the FTO has underlined the necessity of corrective action.