Lower property tax for HDB flat owners in 2015
HOUSING Board flat owners will be paying lower property taxes next year, as a dip in market rents lowers by 3 per cent the annual values that owners pay taxes on.
This, combined with the more progressive taxes that kicked in this year, means that HDB residents will save between $42 and $54 in taxes next year, compared with two years ago, said the Inland Revenue Authority of Singapore yesterday.
The tax authority reviews the annual values - the estimated annual market rent - of all properties every year. Property taxes for HDB flats are calculated by applying the property tax rates on annual values.
Those who own and occupy one- and two-room flats will continue to not pay any property tax.
THE BUSINESS TIMES