LOWER PROPERTY TAX
IN 2016
Nov 30, 2015
Homeowners in
Singapore will benefit from paying lower property taxes in 2016 compared to
this year, revealed the Inland Revenue Authority of Singapore (IRAS).
This is due to the reduced Annual Values (AVs) of HDB and
private homes in line with market rentals.
In a statement, IRAS said the tax savings for HDB flats will
range from nine to 24 percent, while over 80 percent of private homeowners will
enjoy tax savings of between three and 20 percent.
In particular, all 1- and 2-room HDB flat dwellers and 28,200
3-room HDB flat owners will not have to pay any property taxes.
IRAS reviews the AVs of properties annually to ensure that
they reflect prevailing market rentals.
Property tax is a tax on property ownership and it is
payable on all properties regardless whether the property is rented out,
owner-occupied, or left vacant.
Lower property taxes in 2016
Source: IRAS
According to IRAS, property tax has to be paid by 31 January
2016. A five percent penalty will be imposed on those who fail to pay their tax
by that date.
For more information, go to www.iras.gov.sg
Info courtesy -
Propertyguru
