Tuesday, August 21, 2012

S'pore property taxes are 2nd highest globally

Property taxes in Singapore were ranked second highest among global world-class cities, according to latest data from Savills Research.

A Singapore Business Review
report noted that the city-state’s property taxes at S$57,059 are only S$1,180 lower than Hong Kong, which topped the list.
It also explained that once a property is acquired, taxes associated with its occupation should be accounted for.

Hong Kong, Singapore and Paris were the top three cities with highest taxes, according to Savills. All have taxes calculated as a percentage of the rateable value of the property. Those with fixed property taxes perform better, with London, Sydney, Moscow and Mumbai taking fifth to eighth spots.

Meanwhile, Shanghai only carries occupancy taxes for investment property calculated at 0.4 to 0.6 percent on 70 percent of the property’s value. As for New York, it does not carry any direct occupancy taxes as these are reflected on the income tax, Savills added.

View the original article here

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