KARACHI: Federal Board of Revenue (FBR) has reduced valuation rates of the built-up property, offering relief to citizens.

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 percent.

Similarly, the value of structures that are 10 to 15 years old will be reduced by 7.5 percent, while structures aged 15 to 25 years will see a 10 percent 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 percent, while structures aged 10 to 20 years will see a 20 percent reduction. Properties 20 to 30 years old will see a 30 percent depreciation, and those older than 30 years will have their value reduced by 50 percent