Most home owners to pay higher property taxes in 2023; Govt to give one-off rebate of up to $60 & More Trending News


SINGAPORE – Most home owners can have to pay higher property taxes in 2023, because the authorities increase the annual worth of most residential properties to mirror the rise in leases.

To offset this, the Government will present a one-off tax rebate of up to $60 to all owner-occupied properties, mentioned the Ministry of Finance and Inland Revenue Authority of Singapore (Iras) in a joint assertion on Friday.

The annual worth of most personal residential properties and Housing Board flats can be raised from Jan 1, 2023, as half of Iras’ annual evaluate of properties to calculate how a lot taxes ought to be paid, the authorities mentioned.

Those who personal costly personal properties will really feel the brunt of the revision, significantly owners of properties bought for funding functions.

For instance, the 2023 property tax on properties with an annual worth of above $100,000 is 23 per cent if they’re occupied by the proprietor. The tax on comparable properties is 27 per cent if they aren’t occupied by the proprietor.

At Budget 2022, the Government had introduced a rise in property tax charges that may take impact over two years from 2023, with steeper hikes for higher finish properties.

All one-room and two-room flat owners will proceed to pay no property tax because the annual worth of their houses stay beneath $8,000, mentioned the authorities.

The majority of these dwelling in different HDB flat sorts will pay between $30 and $70 extra in property tax in contrast with 2022, after taking into consideration the rebate. 

Owners dwelling in three-room flats will every pay between $7 and $30 extra after the rebate, whereas these dwelling in four-room, five-room and govt flats will every pay between $33.60 and $67.20 extra.

The one-off 60 per cent rebate, which is capped at $60, can be routinely offset in opposition to any property tax payable in 2023, mentioned the authorities, including that the measure is to “mitigate the increase in property tax payable, amidst concerns about global inflation and cost of living”.

Iras screens market rental traits to decide the annual worth of properties. Since the final revision of annual values in December 2021, rents of HDB flats and personal houses have risen by greater than 20 per cent, it mentioned.

“Residential property annual values will be revised accordingly from Jan 1, 2023 to reflect this,” the Iras mentioned.

Rents rose in October for the twenty eighth consecutive month for HDB flats and the twenty second consecutive month for condominium models.

HDB rents have been 24.7 per cent higher in September, in contrast with the identical month final yr.

In October, the general median month-to-month HDB lease was $3,000 for an govt flat, $2,800 for a five-room flat, $2,600 for a four-room flat and $2,300 for a three-room flat.

Most home owners to pay higher property taxes in 2023; Govt to give one-off rebate of up to $60

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Most home owners to pay higher property taxes in 2023; Govt to give one-off rebate of up to $60

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Most home owners to pay higher property taxes in 2023; Govt to give one-off rebate of up to $60

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