SINGAPORE - All HDB flat owners will pay lower or no property tax next year while eight in 10 private residential property owners will pay lower property tax in 2016, the Inland Revenue Authority of Singapore (IRAS) announced on Monday (Nov 30).
All 1- and 2-room HDB flat owner-occupiers and 28,200 3-room HDB flat owner occupiers will not have to pay any property tax when the revised annual values take effect from Jan 1.
According to IRAS, the tax savings for HDB flats will range from 9 per cent to 24 per cent, compared to property tax paid in 2015. Of the private residential properties with reduced annual values, more than 80 per cent will see tax savings of between 3 per cent and 20 per cent.
Property owners can use a new e-Service - 'e-Property Tax Balance' - to check if there is any tax payable on their properties and whether the current payment mode is by GIRO.
IRAS added that all property tax has to be paid by Jan 31. A 5 per cent penalty will be imposed on those who fail to pay. Property owners with financial difficulties are advised to contact IRAS at 1800-356 8300 before the due date to discuss a suitable payment plan.
Source: AsiaOne (30 Nov 2015)