Singapore Property Tax
All properties in Singapore are subject to Singapore property tax. This includes private properties, HDB flats, factories, offices and vacant land. The amount of property tax is a percentage of the annual value of the property. The annual value is based on the estimated yearly rent the property can fetch if it were rented out.
1. Property Tax Rates
Property tax remains at a flat rate of 4% of Annual Value (AV) in 2010.
In 2011, however, a progressive property tax structure for owner-occupied residential properties will go into effect:
- 0% for the first $6000 of AV;
- 4% for the next $59,000 of AV;
- 6% for the balance of AV in excess of $65,000.
Non-owner-occupied residential properties and other properties will continue to be subject to 10% property tax.
2. Property Tax Deadlines
Property taxes must be paid by 31 January each year. The Inland Revenue Authority of Singapore (IRAS) will compute the annual tax you need to pay and send you the bill in December. Instructions on how to pay property tax are also included in your bill.
3. Rebates . Relief . Refunds
In order to help keep taxes affordable, encourage certain types of land development and meet business needs, the Government provides rebates, reliefs and refunds to property owners. For example, if your property has been continuously vacant for at least 30 days or 1 calendar month because of repairs or the inability to find a tenant, you can claim for a refund of property tax for that period.
4, Property Tax Exemptions
A building can only exempt from property tax if it is used exclusively:
- As a public place of worship
- As a public school
- For charitable purposes
- For purposes that promote the social development of Singapore
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