28 Feb '13, 4am

He says it would be fair to pay more taxes if one could afford to buy a luxury home. Read more here

He says it would be fair to pay more taxes if one could afford to buy a luxury home. Read more here

Mr Sameer Aswani, 37, at his home at 9B Broadrick Road. He says it would be fair to pay more taxes if one could afford to buy a luxury home. -- ST PHOTO: DESMOND LIM THE well-off who own luxury residences and investment homes will pay higher property taxes. These will be introduced in phases over two years, starting Jan 1 next year. Most owner-occupied homes, however, will enjoy a lower tax rate, said Deputy Prime Minister Tharman Shanmugaratnam yesterday when he presented the 2013 Budget. "This is fair. The property tax is a wealth tax and is applied (to homes) irrespective of whether lived in, vacant or rented out. Those who live in the most expensive homes should pay more property tax than others," he said. So, owner-occupiers of landed homes in central areas with an annual value of $150,000, for instance, will stump out 69 per cent more in property tax or an additional...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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