KARACHI: The Federal Board of Revenue (FBR) has reduced valuation rates of the built-up property, offering relief to citizens, ARY News reported on Tuesday.
FBR has notified amended property valuation rates for Karachi, which includes a year-wise depreciation value of residential and commercial built-up properties.
According to the notification, values of built-up structures on residential property would be decreased gradually.
The value of the 5 to 10 years old built-up structure of a residential house will be depreciated by 5%.
Similarly, the value of structures that are 10 to 15 years old will be reduced by 7.5%, while structures aged 15 to 25 years will see a 10% depreciation. For built-up structures older than 25 years, their value will be treated the same as an open plot.
Additionally, the valuation for built-up properties such as flats and apartments will also be reduced based on age.
A structure between 5 and 10 years old will have a depreciation of 10%, while structures aged 10 to 20 years will see a 20% reduction. Properties 20 to 30 years old will see a 30% depreciation, and those older than 30 years will have their value reduced by 50%.
Read More: FBR issues property valuation for Karachi
As for commercial built-up properties, the value of structures 10 to 15 years old will be depreciated by 5%, while those between 15 and 25 years old will be reduced by 8%. Properties older than 25 years will see a 10% decrease in value.
In contrast, the value of commercial plots in the Defence Housing Authority (DHA) facing any Khayaban will see an increase of 15%.
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