Most HDB flat owners to pay $39 to $51 more in property tax for 2013 after $40 rebate
Most owners of Housing and Development Board (HDB) flats will have to pay more in property tax for 2013 due to higher rentals.
The Ministry of Finance and Inland Revenue Authority of Singapore (IRAS) said on Tuesday that they've revised the Annual Values (AVs) of HDB flats from 1 January to reflect the rise in market rentals.
To cushion the impact on lower and middle-income households, the Government will give a one-off rebate of $40 to owner-occupied HDB flats.
With the rebate, they'll pay $39 to $51 more.
The majority are 4-room owner-occupied HDB flats.
A small percentage of owner-occupied 4-room flats will see a marginally-higher increase due to more significant increases in the Annual Values of their homes.
This means the owner of a 3-room flat will pay between $44 and $92, after the rebate of $40 has been deducted.
For 4-room flats, the tax will be between $128 and $176.
The tax for a 5-room flat is from $164 to $212 while that of an Executive flat is between $188 and $236.
All one-room and two-room owner-occupiers of HDB flats won't have to pay property tax in 2013, similar to 2012.
IRAS reviews the AVs of all properties, including HDB flats, every year.
The AV, which is based on the estimated annual market rent of a property, applies to all homes, including owner-occupied homes.
It's used as a basis to compute the property tax payable.
Property tax is calculated at 10 per cent of the AV for non owner-occupied homes.
For owner-occupied homes, the property tax payable is calculated based on concessionary tax rates.
HDB flat owners will receive their property tax notices and bills by the end of this year and have to pay their tax by 31 January 2013.
MORE SINGAPORE NEWS
Latest Photo Galleries on xinmsn
The Africa Yoga Project has introduced yoga to Kenya as a tool for social change, training over 100 instructors who offer free outreach clas... More The Africa Yoga Project has introduced yoga to Kenya as a tool for social change, training over 100 instructors who offer free outreach classes in community centers, slums, orphanages and prisons across the country. Duration: 02:38
Date 3 hrs ago, Views 0