27 Nov '12, 7am

HDB property tax to rise next year

HDB property tax to rise next year

HDB owners will pay about $40 to $50 more in property tax on their flats next year, as the market rents their properties can command have risen in the past 12 months. This is after a $40 rebate on property tax that the Government is giving to all owner-occupied flats. The rebate is to mitigate the impact of the tax increase on middle- and lower-income households, said a statement from the Inland Revenue of Singapore on Tuesday. Since Jan 1 this year, market rentals of HDB flats have risen by 8 to 13 per cent. This boosts the annual value of the flats, which in turn pushes up the amount of property tax payable on the flat. Flats are currently taxed at 6 per cent of annual value exceeding $65,000. But there is no tax on flats, like one and two-room flats, whose annual values are below $6,000.

Full article: http://www.straitstimes.com/breaking-news/singapore/story...

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