According to FBR, the Property value of all major centers has been announced. Surprisingly they have increased the value of the property of immovable nature.
On Tuesday, the FBR announced the increase in the valuation of immovable property. They assumed the increase in rates due to move the values close to market value and for the purpose of collecting taxes. As immovable properties, a great amount of taxes is generated. The major 20 cities have been selected for property valuation increase.
The FBR has increased the valuation of property for the purpose of collecting withholding taxes. The Increase in valuation is mostly variable to the location. For Karachi, the valuation has been increased by 50 to 60 percent. According to FBR, they have increased the value by up to 200% for property located in metropolises.
Overall, the property valuation has been increased by 60-70 percent. By February 2021, the valuation of the property was increased by 20 percent.
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