ISLAMABAD – The Federal Board of Revenue (FBR) has issued revised property valuations to collect taxes on the sale and purchase of properties in the federal capital, Islamabad.
According to a notification issued after consultations with stakeholders, the revised valuations set the value of residential and commercial superstructures up to five years old at Rs3,000 per square foot, while the valuation for residential and commercial superstructures older than five years has been fixed at Rs1,500 per square foot.
The notification states that separate valuation rates have been set for residential and commercial plots, houses, apartments, and flats in different sectors of Islamabad to better reflect market conditions and remove confusion in property transactions.
Tax officials believe the revised structure will curb under-declaration of property values, a long-standing issue that has led to revenue losses and disputes among buyers, sellers, and tax authorities.
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