31 May '14, 9am

980 buildings exempted from property tax - Property Auctions News, Property Investment

The Inland Revenue Authority of Singapore (IRAS) granted full or partial property tax exemptions to 980 buildings in 2013 from 650 buildings in 2000, according to media reports. Uncollected taxes from these buildings reached around $94 million last year compared to $25 million previously. This translates to about $96,000 for each property versus the $38,400 seen 14 years ago. These figures imply the steep increase in exempted taxes was caused by higher property values rather than more exemption grants, said PropNex CEO Mohamed Ismail. “In the last decade or so, property prices have gone up multifold... with values driven up by demand and supply, and the increase in population.” “We are land scarce, and those who want land have to constantly compete with someone who is willing to pay top dollar, so there will be an increase in land prices, and as land prices go up, so will ...

Full article: http://www.propertyguru.com.sg/en/property-management-new...

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