Wednesday, November 28, 2012

HDB property tax to increase in 2013

Some HDB flat owners will have to fork out more for their property taxes starting in January, reported AsiaOne. 

Owner-occupiers of three-room or larger units will be required to pay an additional S$40 to S$50 in property tax after the January 2013 revision of Annual Values (AVs) of HDB flats.

The Inland Revenue Authority of Singapore (IRAS) calculates the AVs, which serves as a basis for computing property tax payable.

To ease the impact of the hike, lower and middle-income owner-occupiers will get a one-off rebate of S$40 which will automatically offset their property tax payable next year. 

The increase in property tax is meant to reflect the rise in market rentals for HDB flats which have grown by eight to 13 percent since the last AV revision in January 2012.

Owner-occupiers of three-room flats will now be required to pay an annual property tax of S$44 to S$92 after the S$40 rebate. For four-room owner-occupiers, property tax payable is about S$128 to S$176 or an increase of S$39 to S$51 after the rebate.

Five-room owner-occupied flats will be billed S$164 to S$212, an increase of S$39 to S$51, while executive condominiums (ECs) will see an increase of S$39 to S$51 to reach between S$137 and S$185.

One- and two-room HDB owner-occupiers will not be charged any property tax next year as their revised AVs remain under S$6,000.

View the original article here

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