Property tax raised twice in a year

http://www.straitstimes.com/ST%2BFor...ry_249033.html

June 18, 2008

Property tax raised twice in a year


IN SEPTEMBER last year, the Inland Revenue Authority of Singapore (Iras) revised the annual value of our property and barely half a year later, it has once again revalued it upwards.

Is it fair for the Government to increase property tax twice within a year, especially when many people are struggling to make ends meet in the face of rising cost of living?

The pain is all the more unbearable for people who are retired and living on their savings.

This latest upward revision of the annual value of our property is all the more incomprehensible when recent press reports revealed that some newly launched developments are seeing a slide in prices.

Tan Wenfa

This is outrages.

This time round it's an increased of 50%. How can they say this in their letter explaining to those who has only one property and stayng in it; that if you had rent out your property now, it will fetch much more.

This is equate to saying that if you don't eat; don't spend your monthly salary; put it in the bank or invest in it, you will have much more money.

Outrages policy.

Outrages policy in getting in more foreigners, causing high rental, which we don't benefit a single cent. And asking us to pay more for the effect they created.

http://www.straitstimes.com/ST%2BFor...ry_251355.html

June 25, 2008

Property values updated to match market rates


I REFER to last Wednesday's letter, 'Property tax raised twice in a year' by Mr Tan Wenfa.

Property tax is based on the annual value of a property, which is the estimated market rental of the property if it were to be let out. Annual values of properties need to be updated whenever they have become out of line with prevailing market rentals. Generally, the Inland Revenue Authority of Singapore reviews the annual values of properties every year.

The annual value of Mr Tan's property was previously updated in September last year. Last month, the annual value had to be revised to reflect the prevailing market rentals for similar properties. The need to update the annual value of Mr Tan's property is due to the increase in rentals for similar properties in the same estate between last year and this year.

We thank Mr Tan for the opportunity to clarify.

Deanna Choo (Ms)
Director
Corporate Communications Branch
Inland Revenue Authority of Singapore