Most home owners to pay less property tax next year

Most home owners here will pay less property tax next year compared to the amount paid this year, said the Inland Revenue Authority of Singapore (IRAS) on Monday (Nov 30).

Owners of Housing and Development Board (HDB) flats will see tax savings of 9 to 24 per cent, while more than 80 per cent of private home owners with reduced annual values will see savings of between 3 and 20 per cent, IRAS said in a press release.

In fact, all 1- and 2-room HDB flat owner-occupiers and 28,200 3-room HDB flat owner-occupiers will not have to pay any property tax when the revised annual values take effect from Jan 1 next year, it added.

Property tax is a tax on property ownership and it is payable on all properties regardless of whether the property is rented out, owner-occupied or left vacant, IRAS said.

Source : Channel NewsAsia – 30 Nov 2015

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