ISLAMABAD: In consultation with the Federal Board of Revenue (FBR), the Punjab government has decided to enhance district rates on immovable properties from July 1, 2022.
Sources told Business Recorder that the Board of Revenue Punjab has issued instructions to all District Collectors and Deputy Commissioners of Punjab for the revision of the valuation tables of the immovable properties from 2022-23. However, the rates would be revised with coordination of FBR officials.
The FBR had already revised downward valuation rates of immovable properties in 40 major cities as compared to previously-notified rates on December 1, 2021.
In December 2020, the Board had revised upward the values of residential and commercial immovable properties located in 40 major cities to fix fair market value of immovable properties. At that time, the values of almost all residential and commercial immovable properties of Pakistan were increased in an attempt to bring them at par with the fair market values.
According to the Board of Revenue Punjab, the Collectors of districts are empowered to notify rates of immovable properties in the areas of their jurisdiction under Stamp Act 1899. The valuation tables are required to be notified for the upcoming financial year before June 30, 2022.
According to the guidelines provided in the rules, the collectors should notify the valuation tables on the basis of values which in his opinion is the average of the highest and the lowest rates of the immovable properties in a zone.
The draft valuation tables are required to be placed in the offices of the Collectors of the districts, Assistant Commissioners and other relevant departments for information and calling of objections by the public on the proposed valuation tables.
District Collectors shall ensure that the draft valuation tables and objections received against them, if any, to be considered by a committee headed by the concerned Collector of the District. Members of the committee included Assistant Commissioner of the Tehsil, Executive Engineer concerned Communication and Works department and Excise and Taxation office.
The District Collectors are authorized to include any other officer or stakeholder in the committee for finalizing the valuation tables after removal of the anomalies in the valuation tables.
District Collectors are advised to keep coordination with the FBR offices at district level. The valuation tables approve by the committee will be notified by the District Collectors in the official gazette under Punjab (Stamp) Valuation Table in respect of valuation tables Rules.
Keeping in view the facts, Deputy Commissioners and Deputy Collectors are requested to take immediate steps for preparation of the valuation tables for 2022-23.
The FBR had 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, Lasbela, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
Copyright Business Recorder, 2022