SINGAPORE: HDB flat owners will pay less property tax next year, while almost all private residential property owners will see lower or no change in their property tax, the Inland Revenue Authority of Singapore (IRAS) said on Monday (Nov 28).
Owners of three-room flats will pay a maximum of S$18.40, down from S$37.60 this year. Those with four-room flats will pay between S$52 and S$100, down from S$71.20 to S$119.20, five-room flats will pay S$83.20 to S$131.20, down from S$104.80 to S$152.80, while executive flats will pay S$95.20 to S$143.20, down from S$116.80 to S$164.80.
All home owners will receive their property tax bills by end of December, and will have to pay their property tax for 2017 by end of January next year, the tax authority said.
IRAS reviews the annual values of properties each year to ensure that they reflect prevailing market rentals. Property tax is computed by multiplying the annual value of the property with property tax rates for residential units.
Property tax is a tax on property ownership and is payable on all properties regardless whether the property is rented out, owner-occupied, or left vacant.
Home owners with financial difficulties can approach IRAS for assistance to discuss a payment plan before Jan 31 next year. Payment plans may include deferment of payment and scheduled instalments.
Those who fail to pay or have not arranged to pay their tax by the due date will face a 5 per cent penalty, IRAS said.