Singapore Budget 2013: Property Tax

Tax Changes	Summary	FAQ / Related Information
More Progressive Property Tax Structure for Residential Properties	From 1 Jan 2014, the  property tax rates for owner-occupied homes will be made more progressive over two years: Annual Value Tax Rates from 1 Jan 2014 Tax Rates from 1 Jan 2015 First $8,000 0% 0% Next $47,000 4% 4% Next $5,000 5% 6% Next $10,000 6% 6% Next $15,000 7% 8% Next $15,000 9% 10% Next $15,000 11% 12% Next $15,000 13% 14% AV in excess of $130,000 15% 16% Non-owner-occupied residential properties will be taxed at the following new progressive tax rates: Annual Value Tax Rates from 1 Jan 2014 Tax Rates from 1 Jan 2015 First $30,000 10% 10% Next $15,000 11% 12% Next $15,000 13%   14%  Next $15,000 15%  16%   Next $15,000 17%   18%  AV in excess of $90,000 19%  20% The property tax rate for land and non-residential properties remains unchanged at 10%. IRAS will release further details of the changes by Jun 2013.	More information on Budget 2013: Property Tax Changes
Removal of the Property Tax Refund Concession for Vacant Properties	With effect from 1 Jan 2014, the property tax refund concession for vacant properties (whether residential or not) will be removed. The tax treatment of all vacant properties will be streamlined as follows: a) Vacant residential properties will be taxed at the prevailing property tax rates for non-owner-occupied residential properties; b) However, residential properties undergoing repairs or building works for owner-occupation can be taxed at the owner-occupier property tax rates during the period of repairs or building works (for up to two years). This is provided that the property is owner-occupied for at least one year after the completion of the repairs or building works; c) Vacant non-residential buildings or those undergoing repairs to render them fit for occupation will be taxed at the prevailing property tax rate of 10% for non-residential buildings; d) Vacant land undergoing residential development for owner-occupation can be taxed at owner-occupier tax rates during the development period (for up to two years) if the property  is owner-occupied for at least a year after the completion of the residential development. All other vacant land will continue to be taxed at 10% during the development period. The property tax treatment for residential properties undergoing demolition and reconstruction remains unchanged. IRAS will release further details of the changes by Jun 2013.	More information on Budget 2013: Property Tax Changes  Excerpt from Budget 2013 Annex A-8