Karachi: The Federal Board of Revenue (FBR) has announced a revision in the fair market value of immovable property in the metropolis – a news source reported.
The average increase in valuations is around 20 per cent. These revised rates will vary from area to area. FBR has divided Karachi into 196 areas for valuation purposes. The board will use these new rates to calculate withholding and capital gains taxes on immovable property.
FBR has listed 22 localities, including properties on Abdullah Haroon Road and Chundhrigar Road, under its A-1 categorisation scheme. Residential plots falling under this category have been valued at PKR 42,000 per square yard. Similarly, commercial plots have been valued at PKR 120,000 per square feet.
Moreover, FBR has made notification of a 100% increase in the valuation of immovable property in some sectors of Defence Housing Authority (DHA) Karachi. The board has also revised its valuations by 15 to 20% in other areas of the city.