KARACHI: The Federal Board of Revenue (FBR) has revised property valuation rates, reducing the assessed value of built-up properties and providing relief to citizens, ARY News reported on Tuesday.
The updated valuation rates for Karachi now include year-wise depreciation for residential and commercial built-up properties.
As per the notification, the valuation of built-up structures on residential properties will gradually decrease.
- Residential houses between 5 to 10 years old will see a 5% depreciation.
- Structures aged 10 to 15 years will have a 7.5% reduction.
- Buildings between 15 to 25 years old will face a 10% depreciation.
- Structures older than 25 years will be valued equivalent to open plots.
Similarly, the valuation of built-up properties such as flats and apartments will also decrease with age:
- Buildings aged 5 to 10 years will be depreciated by 10%.
- Structures between 10 to 20 years old will see a 20% reduction.
- Properties between 20 to 30 years old will experience a 30% depreciation.
- Structures older than 30 years will have their value cut by 50%.
For commercial properties:
- Structures aged 10 to 15 years will see a 5% depreciation.
- Buildings between 15 to 25 years old will have an 8% reduction.
- Properties older than 25 years will be depreciated by 10%.
However, commercial plots in Defence Housing Authority (DHA) facing any Khayaban will see a 15% increase in valuation.
