View Full Version : PROPERTY TAX 2015
Just received copies IRA property tax bills, I noticed some are the same as 2014 while some are only slightly lower.
Considering all the bad news about rent falling, I would have thought the pty tax for 2015 should be much lower.
Does anyone have a good explanation as to why pty tax for 2015 is not coming down?
Property tax and AV like transport fare and GST, will only revised upwards, when did you ever see they revise downwards???
Just received copies IRA property tax bills, I noticed some are the same as 2014 while some are only slightly lower.
Considering all the bad news about rent falling, I would have thought the pty tax for 2015 should be much lower.
Does anyone have a good explanation as to why pty tax for 2015 is not coming down?
Property tax and AV like transport fare and GST, will only revised upwards, when did you ever see they revise downwards???
According to IRAS
The AV is the estimated annual rent of your property if it were to be rented out, excluding the furniture, furnishings and maintenance fees. It is estimated based on market rentals of similar or comparable properties. The basis of determining the AV is the same whether the property is rented out, owner-occupied or left vacant. If your property is rented out, the AV could be higher or lower than your actual rents as the AV reflects the market rent at the time of review, while your actual rents were committed earlier.
So technically speaking property tax should be coming down since rent is on the decline.
Ha ha ha! Ringo! You very naive!
I received all my property taxes already! All properties AV remains the same, despite the property prices have crashed, the rents have dropped!
The same will happen to your OCR property! Rent drop but your property AV will not drop!
According to IRAS
The AV is the estimated annual rent of your property if it were to be rented out, excluding the furniture, furnishings and maintenance fees. It is estimated based on market rentals of similar or comparable properties. The basis of determining the AV is the same whether the property is rented out, owner-occupied or left vacant. If your property is rented out, the AV could be higher or lower than your actual rents as the AV reflects the market rent at the time of review, while your actual rents were committed earlier.
So technically speaking property tax should be coming down since rent is on the decline.
Ha ha ha! Ringo! You very naive!
I received all my property taxes already! All properties AV remains the same, despite the property prices have crashed, the rents have dropped!
The same will happen to your OCR property! Rent drop but your property AV will not drop!
I thought TS already said that "some are slightly lower"?
Ringo is right. Some of the property taxes for 2015 are lower than 2014. But its very marginal.
Just received copies IRA property tax bills, I noticed some are the same as 2014 while some are only slightly lower.
Considering all the bad news about rent falling, I would have thought the pty tax for 2015 should be much lower.
Does anyone have a good explanation as to why pty tax for 2015 is not coming down?
it won t be that much lower lah. If you noticed IRAS actually quite nice already, they tend to calculate on the lower end even when rents have picked up. Anyway it depends on your area also. Have rents in your condo fallen drastically over the past year? Actually the rentals in my condo still about the same.
Allthepies
11-12-14, 07:00
Yup the simple reason is IRAS has already underestimate the rental value. My last rental unit was tenanted at $40800 per year, yet AV was only $20000...
Property tax and AV like transport fare and GST, will only revised upwards, when did you ever see they revise downwards???
Please go.pick up a copy of ST today to read for yourself instead of thinking you are the smartest asshole (as you like to say) in this forum
FYI.
So I guess I am not the only one who is enjoying lower Ppty tax. but the rate is very marginal though.
perhaps due to area.
One in four private home owners will pay less property tax next year after the taxman marked down the annual values of about 73,300 homes.
Letters have been sent to home owners to outline their levies for the coming year.
This comes on the heels of property tax relief for many owners of Housing Board flats, who saw their annual values cut by about 3 per cent earlier this week.
The Inland Revenue Authority of Singapore (Iras) reviews property values every year using a mass appraisal system that bases the annual value on rents paid for similar homes nearby.
The slowing rental market has led it to reduce the annual values for 25.7 per cent of private homes from Jan 1 next year.
This is in contrast to the 2013 review for the 2014 levy when only 2 per cent of private homes had their annual values reduced.
This year's reductions come amid a cooling property market where vacancies - a forward indicator of falling rents - are rising.
This is good news for some but not all private home owners.
Oil trader David Goh, for example, has been sent his property tax bill, which has been unchanged for the last three years. Even if rents move down next year, the property tax he will pay over the next 12 months will not change.
Some feel that the volatility in the property market cannot be captured by annual reviews. Iras, however, pointed out that Hong Kong also reviews the annual values once a year while some countries have longer review cycles of three to five years.
Expediency must be a factor too, noted Rodyk & Davidson partner Lee Liat Yeang: "Maybe Iras could do a review twice a year. But if the administrative cost is high, is there any value in that?"
Some home owners said their annual values were skewed higher by neighbours who renovated their properties, raising the annual values for the rest of the street.
"In the past, there were more owner-occupiers," said Mr Goh, 54, who lives in a terrace unit in Holland Grove. "Now, I have three expat neighbours renting homes with swimming pools in their backyards."
Iras maintains that owners can raise objections if they believe there is an error in the annual value calculations, but a lack of good rental information has impeded some from taking that approach.
"It's not that the process is not transparent, but that both Iras and home owners are handicapped," said KPMG Singapore principal tax consultant Leung Yew Kwong. "It's impossible for Iras to go into every house to assess the condition it is in, and rental information is difficult for individuals to get."
Property taxes are also a sore point for some private home owners at the higher end of the rental market. This group says it has been paying higher levies since the Government introduced a more progressive property tax schedule at the start of this year.
Higher annual values should be a result of higher annual rents, but such properties are also more difficult to rent out in the soft real estate market.
"As you go up the annual value ladder, those in the high end are affected by a double whammy of high taxes and (no one to rent to)," said Mr Lee.
There are about 70,000 landed residential properties and 215,000 private high-rise flats here.
In the 12 months to March 31, property tax contributed $4.2 billion - 10 per cent of total tax revenue. Of that, taxes on private residences contributed $720 million, and Housing Board flats contributed $150 million.
[email protected]
- See more at: http://www.straitstimes.com/news/singapore/housing/story/property-tax-cut-one-four-private-home-owners-20141211#sthash.Q6Gl1IvB.dpuf
thomastansb
11-12-14, 09:16
Mine came down.
Sail - remains the same
Citylights - AV drop $2000
Southbank - AV drop $1000
Clift - AV drop $2000
Just received copies IRA property tax bills, I noticed some are the same as 2014 while some are only slightly lower.
Considering all the bad news about rent falling, I would have thought the pty tax for 2015 should be much lower.
Does anyone have a good explanation as to why pty tax for 2015 is not coming down?
Ha ha ha! Ringo! You very naive!
I received all my property taxes already! All properties AV remains the same, despite the property prices have crashed, the rents have dropped!
The same will happen to your OCR property! Rent drop but your property AV will not drop!
You should perhaps learn to keep your mouth shut instead of always fantasizing that you are the smartest asshole (a word which you like to use in this forum). NAIVE??? HAHAHAHAHA....ROTFLOL
40 YEARS OF EXPERIENCE?? LOL!!!
Stop lying about your experience and pretending that you own so many property..(EXPOSED!!)
One in four private home owners will pay less property tax next year after the taxman marked down the annual values of about 73,300 homes.
Letters have been sent to home owners to outline their levies for the coming year.
This comes on the heels of property tax relief for many owners of Housing Board flats, who saw their annual values cut by about 3 per cent earlier this week.
The Inland Revenue Authority of Singapore (Iras) reviews property values every year using a mass appraisal system that bases the annual value on rents paid for similar homes nearby.
The slowing rental market has led it to reduce the annual values for 25.7 per cent of private homes from Jan 1 next year.
This is in contrast to the 2013 review for the 2014 levy when only 2 per cent of private homes had their annual values reduced.
This year's reductions come amid a cooling property market where vacancies - a forward indicator of falling rents - are rising.
This is good news for some but not all private home owners.
Oil trader David Goh, for example, has been sent his property tax bill, which has been unchanged for the last three years. Even if rents move down next year, the property tax he will pay over the next 12 months will not change.
Some feel that the volatility in the property market cannot be captured by annual reviews. Iras, however, pointed out that Hong Kong also reviews the annual values once a year while some countries have longer review cycles of three to five years.
Expediency must be a factor too, noted Rodyk & Davidson partner Lee Liat Yeang: "Maybe Iras could do a review twice a year. But if the administrative cost is high, is there any value in that?"
Some home owners said their annual values were skewed higher by neighbours who renovated their properties, raising the annual values for the rest of the street.
"In the past, there were more owner-occupiers," said Mr Goh, 54, who lives in a terrace unit in Holland Grove. "Now, I have three expat neighbours renting homes with swimming pools in their backyards."
Iras maintains that owners can raise objections if they believe there is an error in the annual value calculations, but a lack of good rental information has impeded some from taking that approach.
"It's not that the process is not transparent, but that both Iras and home owners are handicapped," said KPMG Singapore principal tax consultant Leung Yew Kwong. "It's impossible for Iras to go into every house to assess the condition it is in, and rental information is difficult for individuals to get."
Property taxes are also a sore point for some private home owners at the higher end of the rental market. This group says it has been paying higher levies since the Government introduced a more progressive property tax schedule at the start of this year.
Higher annual values should be a result of higher annual rents, but such properties are also more difficult to rent out in the soft real estate market.
"As you go up the annual value ladder, those in the high end are affected by a double whammy of high taxes and (no one to rent to)," said Mr Lee.
There are about 70,000 landed residential properties and 215,000 private high-rise flats here.
In the 12 months to March 31, property tax contributed $4.2 billion - 10 per cent of total tax revenue. Of that, taxes on private residences contributed $720 million, and Housing Board flats contributed $150 million.
- See more at: http://www.straitstimes.com/news/singapore/housing/story/property-tax-cut-one-four-private-home-owners-20141211#sthash.WOJUq8Cc.dpuf
thomastansb
11-12-14, 09:31
I was lucky then. 3 out of 4 properties got a revised downwards adjustment. Anyway, we know he is an anti-PAP guy. Everything he can link and twist to blame the Government. We shouldn't be surprised. Tomorrow he can't shit, it is probably PAP's fault. If you want to blame the PAP, at least get the right facts. TRS version 2.0
You should perhaps learn to keep your mouth shut instead of always fantasizing that you are the smartest asshole (a word which you like to use in this forum). NAIVE??? HAHAHAHAHA....ROTFLOL
40 YEARS OF EXPERIENCE?? LOL!!!
Stop lying about your experience and pretending that you own so many property..(EXPOSED!!)
One in four private home owners will pay less property tax next year after the taxman marked down the annual values of about 73,300 homes.
I was lucky then. 3 out of 4 properties got a revised downwards adjustment. Anyway, we know he is an anti-PAP guy. Everything he can link and twist to blame the Government. We shouldn't be surprised. Tomorrow he can't shit, it is probably PAP's fault. If you want to blame the PAP, at least get the right facts. TRS version 2.0
HE? I am not too sure. Might be a SHE actually. Or else, which OLD MAN (as he claim to have over 40 years of property investment experience) will call himself Teddybear and like to brag about women handbags.
Actually SHE is anti PAP because she has missed the boat and invested in the wrong side of CCR.
Thats why so bitter going around talking air pollution and making fun of dark skin foreign workers, etc.
She is just a small fish in a big pond who think she is a shark. LOL
I was lucky then. 3 out of 4 properties got a revised downwards adjustment. Anyway, we know he is an anti-PAP guy. Everything he can link and twist to blame the Government. We shouldn't be surprised. Tomorrow he can't shit, it is probably PAP's fault. If you want to blame the PAP, at least get the right facts. TRS version 2.0
Current correction is due to cooling measures, not external or global conditions.
Who enacted the cooling measures? don't blame the pap ministers then blame who? Lol
Current correction is due to cooling measures, not external or global conditions.
Who enacted the cooling measures? don't blame the pap ministers then blame who?
You need to dig deeper. The underlying reason for the current situation is due to Singaporeans unhappiness about having too many foreigners. And the government reaction to that is to give what Singaporeans want, have less foreigners, economic restructuring, and this has restricted companies from expanding their operations. With less foreigners, less tenant and less buyer.
What is happening today is exactly what Singaporeans voters are asking for, so dont blame it all on PAP.
thomastansb
11-12-14, 10:21
I thought the citizens want the prices to come down? Especially the oppositions.
Current correction is due to cooling measures, not external or global conditions.
Who enacted the cooling measures? don't blame the pap ministers then blame who? Lol
You need to dig deeper. The underlying reason for the current situation is due to Singaporeans unhappiness about having too many foreigners. And the government reaction to that is to give what Singaporeans want, have less foreigners, economic restructuring, and this has restricted companies from expanding their operations. With less foreigners, less tenant and less buyer.
What is happening today is exactly what Singaporeans voters are asking for, so dont blame it all on PAP.
I think you need to dig deeper. The current PAP ministers have shown themselves to be inept and always behind the curve. This is the hard truth that I guess some find it hard to admit.
thomastansb
11-12-14, 10:25
Spot on. In fact, high property prices have been a frequent topic in opposition camps. 40% aren't thinking. What to do... Their parents will repent when HDB drop another 30%. My opposition supporter friend is kbkp-ing every week because his neighbour sold their buangkok 4 bedroom at 630k and now it is 450k and he is forced to sell at this price because he bought an EC. I told him too bad. You get what you voted for. But bought at 160k so still 300% gain. Let's hope it will drop back to 300k+ range and see if people will say prices are too low. Jokers. Complain high prices but when want to sell, prata immediately flip.
You need to dig deeper. The underlying reason for the current situation is due to Singaporeans unhappiness about having too many foreigners. And the government reaction to that is to give what Singaporeans want, have less foreigners, economic restructuring, and this has restricted companies from expanding their operations. With less foreigners, less tenant and less buyer.
What is happening today is exactly what Singaporeans voters are asking for, so dont blame it all on PAP.
I thought the citizens want the prices to come down? Especially the oppositions.
Do you want the price to come down? Tell me.
I don't know about the opposition. But as a PAP supporter I have little confidence in the current team in office. I will not be voting for them coming election.
thomastansb
11-12-14, 10:27
I only care about economy, food, security and my superior passport and currency to travel. All others doesn't really matter too much.
I think you need to dig deeper. The current PAP ministers have shown themselves to be inept and always behind the curve. This is the hard truth that I guess some find it hard to admit.
I think you need to dig deeper. The current PAP ministers have shown themselves to be inept and always behind the curve. This is the hard truth that I guess some find it hard to admit.
You need to back up what you said with some facts instead of just saying they are behind the curve.
Here are some facts for you.
During the last GE, over crowding transport and property prices were hot agendas and all fingers are pointed towards immigration policies and lack of transport infrastructure development.
Solution??
a) Expand bus network, invest in more buses, expand MRT network, with TEL, CRL, JRL,
b) Cut back on foreigner labors, PR, raise levy, raise requirement for rich foreigners to gain PR etc.
c) Cooling measures on properties, raise ppty tax on luxury apartment.
What you are complaining right now is the result of PAP's action, and what PAP are doing is a result of Singaporeans unhappiness and what Singaporeas voters wants.
I count myself lucky not to hold those 25% of properties with dropped AV. Dropping AV means their rental must have dropped by a lot! Ops! :doh:
You should perhaps learn to keep your mouth shut instead of always fantasizing that you are the smartest asshole (a word which you like to use in this forum). NAIVE??? HAHAHAHAHA....ROTFLOL
40 YEARS OF EXPERIENCE?? LOL!!!
Stop lying about your experience and pretending that you own so many property..(EXPOSED!!)
One in four private home owners will pay less property tax next year after the taxman marked down the annual values of about 73,300 homes.
Letters have been sent to home owners to outline their levies for the coming year.
This comes on the heels of property tax relief for many owners of Housing Board flats, who saw their annual values cut by about 3 per cent earlier this week.
The Inland Revenue Authority of Singapore (Iras) reviews property values every year using a mass appraisal system that bases the annual value on rents paid for similar homes nearby.
The slowing rental market has led it to reduce the annual values for 25.7 per cent of private homes from Jan 1 next year.
This is in contrast to the 2013 review for the 2014 levy when only 2 per cent of private homes had their annual values reduced.
This year's reductions come amid a cooling property market where vacancies - a forward indicator of falling rents - are rising.
This is good news for some but not all private home owners.
Oil trader David Goh, for example, has been sent his property tax bill, which has been unchanged for the last three years. Even if rents move down next year, the property tax he will pay over the next 12 months will not change.
Some feel that the volatility in the property market cannot be captured by annual reviews. Iras, however, pointed out that Hong Kong also reviews the annual values once a year while some countries have longer review cycles of three to five years.
Expediency must be a factor too, noted Rodyk & Davidson partner Lee Liat Yeang: "Maybe Iras could do a review twice a year. But if the administrative cost is high, is there any value in that?"
Some home owners said their annual values were skewed higher by neighbours who renovated their properties, raising the annual values for the rest of the street.
"In the past, there were more owner-occupiers," said Mr Goh, 54, who lives in a terrace unit in Holland Grove. "Now, I have three expat neighbours renting homes with swimming pools in their backyards."
Iras maintains that owners can raise objections if they believe there is an error in the annual value calculations, but a lack of good rental information has impeded some from taking that approach.
"It's not that the process is not transparent, but that both Iras and home owners are handicapped," said KPMG Singapore principal tax consultant Leung Yew Kwong. "It's impossible for Iras to go into every house to assess the condition it is in, and rental information is difficult for individuals to get."
Property taxes are also a sore point for some private home owners at the higher end of the rental market. This group says it has been paying higher levies since the Government introduced a more progressive property tax schedule at the start of this year.
Higher annual values should be a result of higher annual rents, but such properties are also more difficult to rent out in the soft real estate market.
"As you go up the annual value ladder, those in the high end are affected by a double whammy of high taxes and (no one to rent to)," said Mr Lee.
There are about 70,000 landed residential properties and 215,000 private high-rise flats here.
In the 12 months to March 31, property tax contributed $4.2 billion - 10 per cent of total tax revenue. Of that, taxes on private residences contributed $720 million, and Housing Board flats contributed $150 million.
- See more at: http://www.straitstimes.com/news/singapore/housing/story/property-tax-cut-one-four-private-home-owners-20141211#sthash.WOJUq8Cc.dpuf
Wah, you hit the nail on the spot!
CCR property prices had crashed, thanks to ABSD, TDSR, SSD etc property cooling measures!
OCR property prices already crashing, thanks to ABSD, TDSR, SSD etc!
HDB resale flats prices also crashing due to HDB property cooling measures!
Blame who hah? :frog:
Current correction is due to cooling measures, not external or global conditions.
Who enacted the cooling measures? don't blame the pap ministers then blame who? Lol
Allthepies
11-12-14, 13:03
I think you need to dig deeper. The current PAP ministers have shown themselves to be inept and always behind the curve. This is the hard truth that I guess some find it hard to admit.
Give credits when it is due. Dont just attack the mistakes. Try to look at the whole picture.
Seriously Singapore has improved and is continuing to improve.
IF you open your eyes wide and look around you in the region and even to the rest of the world, you will realise Singapore government has been and is doing a great job.
Allthepies
11-12-14, 13:11
Its holiday season now; time to create and share happiness.
Give praises and recognition freely to the improvements whether small or big. This will encourage more good things to come.
Remove the microscopic lens that only zoom in on mistakes and errors.
Creating a better and happier Singapore society depends very much on having positive mindset citizens.
I count myself lucky not to hold those 25% of properties with dropped AV. Dropping AV means their rental must have dropped by a lot! Ops! :doh:
Stop bullshitting around in this forum. You have been EXPOSED. You are just a nobody blowing hot air in his forum. Want to prove me wrong.
Tell us the name of your development and we can verify if you are bullshitting. This offer is only valid till 2.40pm. Today.
And don't give excuses that you are not online because I can see you are online right now.
See how this shameless fellow tries to flip her PRATA?? LOL!!!
:axekiller:
Property tax and AV like transport fare and GST, will only revised upwards, when did you ever see they revise downwards???
Ha ha ha! Ringo! You very naive!
I received all my property taxes already! All properties AV remains the same, despite the property prices have crashed, the rents have dropped!
The same will happen to your OCR property! Rent drop but your property AV will not drop!
I count myself lucky not to hold those 25% of properties with dropped AV. Dropping AV means their rental must have dropped by a lot! Ops! :doh:
I do not see any adjustments to my property tax. They are the same as last year. May want to check with IRAS.
Just received copies IRA property tax bills, I noticed some are the same as 2014 while some are only slightly lower.
Considering all the bad news about rent falling, I would have thought the pty tax for 2015 should be much lower.
Does anyone have a good explanation as to why pty tax for 2015 is not coming down?
I do not see any adjustments to my property tax. They are the same as last year. May want to check with IRAS.
Have you not read news paper ?
Do you mean today's paper? Just finished watching video by Archachon.
Have you not read news paper ?
Do you mean today's paper? Just finished watching video by Archachon.
You mean you doesnt know IRAS recently made some downward adjustment on AV??
So sad, not for my properties. Hope to receive a revision notice from iRAS downward later in the year. They have done it in the past with higher NAV.
You mean you doesnt know IRAS recently made some downward adjustment on AV??
MortgageGuru
13-12-14, 17:17
Good evening to all rich property owners.
I humbly seek for your attention when it comes to bank loan matters please do PM me to see how I can assist you without any fees by saving your time and hassle, especially for commercial and residential loan matters with bank.
Thanks!
So sad, not for my properties. Hope to receive a revision notice from iRAS downward later in the year. They have done it in the past with higher NAV.
Stop talking cock and blowing your own trumpet at every opportunity you can find.
No one is interested to about what you own.
the fact of the matter is Property tax has already been revised downward, and there is no need to waste time checking with IRAS. For what in the first place? No happen that they reduce your property tax?
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