27 Nov '13, 5am

#GlobalREBubble #Singapore 'IRAS: 95% Of Owner-Occupied Homes To Pay Lower Property Tax' via @SGPropertyGuru

The majority of owner-occupied homes will pay lower property tax next year, the Inland Revenue Authority of Singapore (IRAS) revealed. Under the new Progressive Property Tax Rates announced in Budget 2013, all owner-occupied HDB flats and three quarters of owner-occupied private homes (or 95 percent of owner-occupied homes) will pay lower property tax in 2014. Taking into account homes that are not occupied by owners, 80 percent of all residential properties in Singapore will be paying less property tax next year. Beginning 1 January 2014, the Annual Value (AV) exemption threshold for which no tax applies will be raised to S$8,000 from S$6,000. This implies that owner-occupiers will be exempted from paying for the first S$8,000 of their property's AV. According to IRAS, “the new property tax structure also raises the progressivity of the property tax structure by taxing pr...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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