SINGAPORE - Housing Board (HBD) flat owners will pay lower property tax next year while almost all private property owners will see lower or no change to their bills, the Inland Revenue Authority of Singapore (IRAS) said on Monday (Nov 28).
One- and two-room flat owners will continue to be exempt from property taxes.
Three-room flat owners will pay up to $18.40, which is down from the amount of $37.60 which they had to pay this year.
Four-room flat owners are to pay between $52 and $100, down from this year's $71.20 to $119.20.
Five-room flat owners can expect to pay between $83.20 to $131.20 for 2017, which is also less than the$104.80 to $152.80 that they had to pay this year.
All property owners will be receiving their property tax bills by end-December 2016 and they are reminded make payment for next year's bills by January 2017.
IRAS reviews the annual values of properties annually to ensure that they reflect prevailing market rentals, said the authority in the statement.
Property owners who are facing financial difficulties should approach Iras at 1800-356 8300 for assistance to discuss a suitable payment plan. Payment plans may include deferment of payment and scheduled instalments, said Iras.
A 5 per cent penalty will be imposed for property owners who fail to pay or have not arranged to pay their tax by the due date.
Owners can join GIRO to enjoy up to 12 interest-free monthly instalments or opt for a one-time deduction.
Taxpayers who have bank accounts with DBS/POSB, UOB or OCBC can apply for GIRO via Internet Banking and receive instant approval.