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Thread: Property tax for HDB flats to increase from Jan 2013

  1. #1
    Join Date
    Mar 2012
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    Default Property tax for HDB flats to increase from Jan 2013

    AsiaOne
    Tuesday, Nov 27, 2012

    SINGAPORE - Owner-occupiers of three-room HDB flats or bigger are set to face an increase of $40 to $50 in property tax in 2013.

    Lower and middle income owner-occupiers of such flats will be given a one-off rebate of $40 to mitigate the increase in property tax. This will be automatically offset against the property tax payable in 2013.

    The increase in property tax comes after the January 2013 revision of Annual Values (AVs) of HDB flats to reflecting the rise in market rentals.

    This rebate will not apply to flats which are not owner-occupied. These are currently taxed at 10 per cent.

    The AV, which is calculated by the Inland Revenue Authority of Singapore (IRAS) annually, is used as a basis to compute the property tax payable.

    It is based on the estimated annual market rent of a property if it were to be let out.

    For owner-occupied homes, property tax is calculated based on concessionary tax rates of zero per cent for the first $6,000 of the AV, four per cent for the next $59,000, and 6 per cent for any AV amount exceeding $65,000.

    As a result, all one and two-room HDB owner-occupiers will not need to pay any property tax in 2013 as their revised AVs remain below $6,000.

    IRAS said today that market rentals of HDB flats have risen by eight to 13 per cent since the last AV revision in January 2012.

    Owner-occupiers of three-room flats will now be expected to pay between $44 to $92 in annual property tax after the $40 rebate. This is a $44 to $51 increase from the $0-$41 payable in tax in 2012.

    The majority of 4-room owner-occupied HDB Flats will see an increase of $39 to $51 in property tax after the rebate. They are expected to pay about $128 to $176 in property tax for 2013.

    After the rebate, five-room owner-occupied flats will be billed $164 to $212 in property tax next year. This is a $39 to $51 increase from their property tax bills in 2012.

    For Executive Condominiums (ECs), an increase of $39 to $51 is expected as the property tax for owner-occupiers will range from $137 to $185.

    HDB flat owners will receive their property tax notices and bills by the end of 2012. The deadline for payment is set at January 31, 2013.

    Owners facing financial difficulties can contact IRAS before the due date to discuss a suitable payment plan.

    An e-Tax Guide on 'Revision of Annual Values for HDB Flats from 1 January 2013' can be found in www.iras.gov.sg.

    Taxpayers can find out more from IRAS by calling 1800-356 8300 or e-mailing IRAS at [email protected].

    [email protected]

  2. #2
    Join Date
    Mar 2012
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    4,990

    Default

    EAT UR HEARTS OUT HDB OWNERS!!!!!

  3. #3
    Join Date
    Apr 2012
    Posts
    1,677

    Default

    okay lah. rather this, than tax me extra on hdb rental like ms chua says

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