PROPERTY TAX & PROPERTY ANNUAL VALUE

Singapore Property Tax

All property owners are liable to pay property tax in Singapore. Property tax is payable in advance every year. It is payable in January, for the whole year from January to December. At the end of each year, IRAS (Inland Revenue Authority of Singapore) will send you a Property Tax bill for the following year. Depending on your property type and payment arrangement, the format of your property tax bill may be different.

The computation is the same for Singaporeans and foreigners.

The prevailing property tax rate is 10% per year.

For owner-occupied residential property, you can claim a concessionary rate of 4% per year by applying to the IRAS here

Note: You have to apply for this concession.The concessionary rate is not automatic.

Property Annual Value
What is Annual Value (AV) of a property?
The Annual Value of your property is the estimated annual rent of your property as determined by IRAS, this excludes the rent for furniture, fittings and service charge.

The basis for determining the annual value is the same for let-out, owner-occupied or vacant properties.

You can get a valuation done online here (link to IRAS site) site by paying $2.50.

The AV of your property can be revised whenever market rents for similar properties change and may not reflect the actual rents of your property.

Calculating the Property Tax payable

Property Tax Payable = Prevailing Tax Rate x Annual Value of a property.

Example on how to estimate your property tax

Estimated monthly rent = $1100
Property Tax Payable = 10% x $1100 x 12 = $1320