http://www.businesstimes.com.sg/real...-lower-in-2015
Property taxes on HDB flats to be lower in 2015
9 Dec
WITH the latest revisions in annual values of HDB flats, owners will pay less in property taxes next year.
Annual values, or the estimated annual market rent of a property, have been reduced by about 3 per cent in response to the weakening of the property market.
This, combined with more progressive taxes that kicked in this year, means HDB residents will save between S$42 and S$54 in taxes next year, compared to two years ago, said the Inland Revenue Authority of Singapore on Monday.
The tax authority reviews the annual values of all properties every year. Property taxes for HDB flats are calculated by applying the property tax rates on annual values.
Those who own and occupy one- and two-room flats will continue to be exempted from paying property tax.
The first tier of tax-exempt annual value was raised from S$6,000 to S$8,000 this year.
Property owners will receive their property tax notices and bills by the end of this year, and are reminded to pay their property tax by Jan 31, 2015.
Reply With Quote
