Property valuation rates for Gujar Khan, Kahuta, Kallar Syedan, Rawalpindi, and Taxila for tax year 2025 onward.
New Property Valuation System in Rawalpindi
The Federal Board of Revenue (FBR) has issued a new notification, S.R.O 1728(I)/2024, under the Income Tax Ordinance 2001, determining the fair market value of immovable properties in Rawalpindi. This notification supersedes the previous S.R.O 1734(I)/2022 and introduces updated valuation rates for residential, commercial, and agricultural properties. The goal of this update is to bring transparency to property valuation and enhance the taxation system.
This new system will come into effect from November 5, 2024, and the notification was officially issued in Islamabad on October 29, 2024.
How to Check Your Property Valuation
Land Rate Calculator
| S.No. | Tehsil | Mauza | Classification | Location | Open Plot Rate (Sq. Ft.) | Constructed Rate (Sq. Ft.) |
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Understanding the New Property Valuation System in Rawalpindi
The Federal Board of Revenue (FBR) has introduced a revised system for determining the fair market value of immovable properties in Rawalpindi. With the issuance of S.R.O 1728(I)/2024, FBR has updated the valuation rates for residential, commercial, and agricultural properties across the district. This initiative aims to bring greater transparency to property transactions and improve the taxation framework for properties.
Below, we provide a comprehensive guide to understanding this new system, its importance, and how you can use it to determine the valuation of your property.
What is S.R.O 1728(I)/2024?
S.R.O 1728(I)/2024 is the latest notification issued by FBR under the Income Tax Ordinance, 2001, specifically under subsection (4) of Section 68. It replaces the previous notification, S.R.O 1734(I)/2022, issued in 2022. This notification outlines the updated valuation rates for properties in Rawalpindi and provides detailed guidelines for property valuation in the district.
The new system came into effect on November 5, 2024, and was officially issued in Islamabad on October 29, 2024.
Key Highlights of the Notification
- Scope of the Notification:
The valuation system applies to all residential, commercial, and agricultural properties located in the district of Rawalpindi. - Standardized Rates:
FBR has determined the fair market value of properties for different areas and categories. These values are provided on a per square foot basis, ensuring uniformity and transparency. - Tehsil-Wise Valuation:
The notification divides Rawalpindi into five tehsils for valuation purposes. Each tehsil and its respective Mauzas (areas) have been assigned specific rates.
Tehsils Covered in the Notification
The notification applies to properties in the following five tehsils of Rawalpindi District:
- Gujar Khan
- Kahuta
- Kallar Syedan
- Rawalpindi
- Taxila
These tehsils cover a wide range of residential, commercial, and agricultural areas. Property owners can check the valuation rates for their specific Mauzas within these tehsils.
How to Check Property Valuation
If you own a property in Rawalpindi District and want to determine its valuation, follow these steps:
- Select Your Tehsil:
From the dropdown menu on the FBR valuation portal or your preferred property valuation tool, choose your relevant tehsil. - Choose Your Mauza:
After selecting the tehsil, pick the specific Mauza (area) where your property is located. - View Valuation:
Click on the Search button to view the valuation details for properties in the selected Mauza.
How to Calculate Per Marla Valuation
The rates provided in the notification are based on per square foot. To calculate the rate per Marla, use the following formula:
- If 1 Marla = 250 square feet in your area, multiply the per square foot rate by 250.
- If 1 Marla = 272 square feet, multiply the per square foot rate by 272.
For example:
If the per square foot rate for your area is Rs. 1,000, and 1 Marla = 250 square feet, then:
Rs. 1,000 x 250 = Rs. 250,000 per Marla.
This calculation makes it easy to determine the valuation of your property, regardless of its size.
Why This Update is Important
- Transparency in Property Transactions:
The updated rates ensure that buyers and sellers have access to standardized property valuations, reducing discrepancies in market prices. - Improved Taxation System:
By providing clear and accurate valuation rates, FBR can effectively calculate property taxes, ensuring compliance and reducing disputes. - Ease for Property Owners:
Property owners now have a reliable and user-friendly system to determine the value of their assets.
Conclusion
The introduction of S.R.O 1728(I)/2024 by FBR marks a significant step towards streamlining property valuation in Rawalpindi. By standardizing rates and ensuring transparency, this system benefits property owners, buyers, and the taxation authorities alike.
If you have a property in Rawalpindi, use the new system to calculate its valuation accurately. Whether you own a residential plot, a commercial building, or agricultural land, this notification provides the guidelines you need to make informed decisions.
