Lower property tax for HDB flat owners next year
By Michael Lim
/ The Edge Property |
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HDB flat owners will pay lower property tax in 2017, while almost all private residential property owners will see lower or no change in their property tax bills. This was announced by the Inland Revenue Authority of Singapore (IRAS) on Nov 28.
The tax savings for HDB flat owners range from 13.1% to 51% in 2017, compared with this year.
Owners of one- and two-room HDB flats will continue to be exempted from paying property tax. Three-room flat owners will pay up to $18.40 next year, down from a maximum of $37.60 this year. Four-room flat owners will pay between $52 and $100, down from a range of $71.20 to $119.20 this year, while five-room flat owners will pay between $83.20 and $131.20, down from between $104.80 and $152.80. Meanwhile, owners of executive flats will pay between $95.20 and $143.20, down from $116.80 to $164.80.
All property owners will receive their property tax bills by end-December. These should be paid by Jan 31 next year. IRAS says that it reviews the annual value of properties every year to ensure that they reflect prevailing market rentals
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