2 December 2015
In a media release on 30 November 2015, IRAS has stated that more than 93% of residential households will enjoy lower property tax bills in 2016.
Compared to 2015, all HDB flat owners will pay lower or no property tax next year, ranging from 9% to 24% whilst more than 80% of private residential property owners will see tax savings of between 3% to 20%. An estimated 28,200 3-room HDB flat owner-occupiers will not have to pay any property tax.
The decrease in property tax comes after the revision of Annual Values (AV) of properties with effect from 1 January 2015. The AV is the estimated annual market rent of a property as if it was rented out, and is used as a basis to compute the property tax payable.
IRAS has also launched new e-Service – “e-Property Tax Balance” for owners to check tax payable on their properties and whether the payment mode is by GIRO.
A 5% penalty will be imposed for owners who fail to pay or have not arranged to make payment by 31 January 2013.