The Federal Board of Revenue (FBR) has revised downward valuation rates of the immovable properties located in 1,271 areas/towns of Lahore to bring them at par with the district (DC) rates from January 1, 2023.
In this connection, the FBR has issued SRO 2300(I)/2022 here on Tuesday.
The FBR has also superseded SRO 348(1)12022, dated March 2, 2022.
The FBR has revised the rates for both the residential and commercial properties in Lahore.
Sources told republic polcy that the values have been reduced in most of the notified areas of Lahore except few areas where the values have been enhanced to match the DC rates of Lahore. The coverage of the valuation of the property was increased in some areas, but the Board had revised downward the values of residential and commercial immovable properties located in different areas of Lahore to fix fair market value of immovable properties.
According to the new notification, the Board has determined the fair market value of the immoveable properties in respect of areas of Lahore.
