FBR revised its city- and locality-specific fair-market-value tables for immovable property in notifications dated 29 October 2024, effective from 1 November 2024. The frequently cited “up to 75%” figure is not a uniform increase for every property: news reports used different headline figures, and the applicable value depends on the property’s location and category. To find the value relevant to a transaction, check the latest FBR table and notice for that city and the transaction date.
What FBR changed
Under section 68(4) of Pakistan’s Income Tax Ordinance, 2001, FBR sets fair market values for immovable property in specified areas and categories. The October 2024 revision was made through city-specific notifications, rather than a single national rate. The examined Ghotki notification is dated 29 October 2024 and says it takes effect on 1 November 2024; it illustrates the notification format, but its table is not a rate schedule for other cities. Read the Ghotki notification.
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Contemporary reporting said the revision covered 56 cities. Business Recorder described the values as reaching up to 75% of existing market values, while Dawn reported an increase of up to 80% across the cities. Those formulations differ, and neither supports saying every property’s valuation rose by exactly 75% or 80%. Business Recorder’s report and Dawn’s 30 October 2024 report should be read as attributed descriptions of the revision, not as a universal calculation for an individual property.
Why the 75% headline does not determine your property’s value
The official tables distinguish localities and property categories; values can vary with the type and location of a property and other factors. FBR Chairman Rashid Mahmood Langrial was quoted by Dawn as saying that valuation prices were changed based on “the type of property, its location and other variables.” A national headline cannot tell you the value assigned to a particular plot, house, shop, or other property.
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Nor should the headline be treated as a tax-rate change or as the amount of tax due. A valuation table supplies a value for the specified property category and area. Any tax payable on a transaction depends on the applicable tax provision and rates for that transaction date, which must be checked separately.
How to find the applicable FBR valuation
- Open FBR’s property valuation page and select the relevant city.
- Open the city’s valuation table and locate the exact locality and property category. Follow the table’s definitions and units; do not substitute a nearby locality or a different category.
- Check FBR’s SRO listings for later amendments or a superseding notification for that city.
- Use the notice in force for the transaction date. A table published in October 2024 may not be the latest applicable schedule.
- For a tax calculation, verify the applicable tax rule and rate independently of the valuation table.
Why checking later notices matters
FBR’s SRO records include notices issued after the October 2024 revision, including a 2025 amendment for Karachi and 2026 notices for Rawalpindi. The October 2024 announcement therefore does not establish the current value for every city or transaction. The official city table and the latest applicable SRO are the controlling references for a specific lookup.
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What the reported figures establish—and what they do not
| Reported figure | What the source said | How to interpret it |
|---|---|---|
| 56 cities | Business Recorder, ProPakistani, and Dawn reported that the revision covered 56 cities. | A reported scope for the 2024 revision, not a single nationwide valuation. |
| Up to 75% | Business Recorder described the new valuations as reaching up to 75% of existing market values. | The outlet’s characterization; not evidence that each property’s valuation increased by 75%. |
| Up to 80% | Dawn described an increase of up to 80% across 56 cities. | A different contemporaneous headline figure; it does not resolve the applicable value for a particular property. |
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