FBR's valuation of immovable properties in Karachi

The Federal Board of Revenue (FBR) Wednesday increased the valuation rates of FBR-notified rates of immovable property, including commercial, residential, apartments, flats and other areas of 40 selected major cities of the country. 

The FBR has notified valuation tables for Abbottabad, Attock, Bahawalpur, Bahawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbella, Mandi Bhauddin, Manshera, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.

In Karachi, the value in respect of a residential building consisting of more than one storey shall be increased by 25pc for each additional storey i.e. value of each storey other than ground floor shall be calculated @ 25pc of the value of the ground floor; (vi) a property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall in the adjacent lowest category of the Appendix; (vii) whether the land has been granted for more than one purpose. viz residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate; (viii) a flat means the covered residential tenement having separate property unit number/subproperty unit number; (ix) in residential, multi-storey building, the additional storey shall be charged if it consists of bedroom and bathroom; (x) the rates for basements of built-in commercial property in categories I, II, III and IV shall be Rs13,500 per square yard.