SINGAPORE - While one- and two-room owner-occupiers of HDB flats will continue to pay no property tax next year, those in bigger flats will pay less compared to this year.
The reduced taxes will apply from Jan 1 next year, when the Annual Values of the flats are lowered by about 3 per cent to reflect the dip in market trends, the Inland Revenue Authority of Singapore (IRAS) said in a statement today.
IRAS said that 2015 will be the second year that HDB households will pay less property taxes, after a more progressive tax rates was implemented last year.
Compared to this year, households in three-room flats will save $12 next year. Those in four-room or bigger flats, including executive flats, will save $14.40.
For example, the tax range next year on a three-room flat is $1.60 to $49.60. The range this year was $13.60 to $61.60. In 2013, that range was $44 to $92.
The savings next year will be between $42 and $54, compared to 2013.
Flat owners will receive their tax notices this month, and the taxes have to be paid by Jan 31, IRAS said.