Owner-occupiers of three-room HDB flats (or bigger) are set to face an increase of $40 to $50 in property tax in 2013. Lower income owners will be given a one-off rebate of $40 to mitigate the increase in property tax.
This rebate will not apply to flats which are not owner-occupied. These are currently taxed at 10 per cent.
The AV, which is calculated by the Inland Revenue Authority of Singapore (IRAS) annually, is used as a basis to compute the property tax payable. It is based on the estimated annual market rent of a property if it were to be let out.
For owner-occupied homes, property tax is calculated based on concessionary tax rates of zero per cent for the first $6,000 of the AV, four per cent for the next $59,000, and 6 per cent for any AV amount exceeding $65,000.
As a result, all one and two-room HDB owner-occupiers will not need to pay any property tax in 2013 as their revised AVs remain below $6,000.
Owner-occupiers of three-room flats will now be expected to pay between $44 to $92 in annual property tax after the $40 rebate. This is a $44 to $51 increase from the $0-$41 payable in tax in 2012. The majority of 4-room owner-occupied HDB Flats will see an increase of $39 to $51 in property tax after the rebate. They are expected to pay about $128 to $176 in property tax for 2013. After the rebate, five-room owner-occupied flats will be billed $164 to $212 in property tax next year. This is a $39 to $51 increase from their property tax bills in 2012.
For Executive Flats, an increase of $39 to $51 is expected as the property tax for owner-occupiers will range from $188 to $236.
HDB flat owners will receive their property tax notices and bills by the end of 2012. The deadline for payment is set at January 31, 2013.
[from Public Source]
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