ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday suspended the new property assessment rates notified by SROs Nos. 1534(1)/2021 through 1572(1)/2021 dated December 1, 2021 through January 31, 2022. The new real estate valuation tables would be notified again on February 1, 2022.
In this regard, the FBR issued an office memorandum, here on Tuesday, on the revision of the valuation of real estate properties. Previously, Council suspended new property assessment rates until January 16, 2022.
According to the FBR office memorandum, in continuation of the December 7, 2021 office memorandum on the above-mentioned subject, OARs No. on January 31, 2022 and will be renotified on February 1, 2022.
Property valuation: FBR has not yet notified the revised rates
The FBR had significantly revised up the values of residential and commercial buildings located in 40 major cities across the country. So far, the FBR has not published the new SROs applicable from January 16, 2022.
The FBR is empowered to determine the fair market value of immovable property in accordance with Section 68(4) of the Income Tax Order 2001. property valuation tables in 40 major cities to approximate real market prices.
Copyright Business Recorder, 2022