SINGAPORE – Housing Board (HDB) flat owners will pay lower property tax next year while almost all private property owners will have lower or see no change to their bills, said the Inland Revenue Authority of Singapore (Iras) on Monday.
Iras reviews the annual value of properties every year to ensure that they reflect prevailing market rentals, it said in a statement. Upcoming executive condo launches include Yio Chu Kang EC, Inz Residence EC, Choa Chu Kang EC, Anchorvale Lane EC, while existing ones include The Terrace EC, Brownstone EC, The Vales EC, Parc Life EC , Sol Acres EC, The Visionaire, Bellewoods EC, Signature at Yishun, The Criterion EC and Northwave EC.
Owner-occupiers of one- and two-room HDB flats continue to be exempt from property tax, while three-room flat owners will pay up to $18.40. This year, three-room flat owners paid up to $37.60 in property tax, while they paid up to $49.60 in 2015.
For next year, four-room flat owners pay between $52 and $100, down from this year’s $71.20 to $119.20. Five-room flat owners will pay $83.20 to $131.20 in 2017, also down from this year’s $104.80 to $152.80.
The property tax for executive flats ranges from $95.20 to $143.20 next year. This year, the taxes payable were between $116.80 and $164.80.
All property owners will receive their property tax bills by the end of December. These should be paid by Jan 31 next year.
Property owners who face financial difficulties should approach Iras at 1800-356-8300 for assistance to discuss a suitable payment plan before the end of next January.
These payment plans may include deferment of payment and scheduled instalments.
Those who fail to pay or have not arranged to do so by the due date will receive a 5 per cent penalty.
Iras added that it encourages property owners to join Giro to have up to 12 interest-free monthly instalments or opt for a one-time deduction.
Taxpayers who have bank accounts with DBS, POSB, UOB or OCBC can apply for Giro via Internet banking and receive instant approval.