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Property Tax

Personal-Tax

With an intention of encouraging owner-occupied properties in the country, the Singapore government levy lowest possible property tax rates. Keeping up to the tag of being the progressive tax regime, all the properties in Singapore come under the ambit of the property tax. Let us look at the intricate details of this particular tax system.

The Singapore property tax is levied on the property owners, depending on the projected rental value of the properties. As per the property tax act on immovable properties, offices, vacant land, flats and other private properties are subject to Singapore Property Tax. It is calculated on the basis of existing tax rates on the annual value of the property. The property tax must be paid each year in advance.

Key Facts Related To Singapore Property Tax

  • Every Singaporean property owner has to pay the property tax at the beginning of the year for all the immovable properties owned by him/her.
  • Housing Development Board Flats, Houses, Offices, Factories, Shops and Lands are considered as immovable properties.
  • The Annual property tax is determined or calculated based on a percentage of the gross annual value of the property as determined by the property tax department.
  • Living up to the fame of being of the nation with the progressive tax regime, Singapore has well laid property tax rates for the year 2015.
    • Owner occupied residential property has a property tax rate ranging from 0% – 15%
    • Non-owner-occupied residential property has a ate ranging from 10% – 19%
    • The non-residential property is charged at a flat 10% rate.

Singapore Property Tax Rates from 1 Jan 2015

Singapore has a progressive tax rate system and these rates apply to all residential properties. Properties other than residential, are taxed on the non-residential property tax rate of 15%. The property tax rate is maintained progressive by raising property tax rates on commercial and industrial properties considering its direct implication on the business costs. While presenting the budget, the Singapore finance minister said that the concerned authorities would keep on reviewing current tax policy on a periodic basis.

Progressive Tax Rates for Non-Owner-Occupied Residential Properties (Exclude residential land)

Annual Value of the Property ($) Property Tax Rate Effective 1 Jan 2015 Property Tax Payable
First $30,000
Next $15,000

10%
12%

$3,000
$1,800

First $45,000
Next $15,000


14%

$4,800
$2,100

First $60,000
Next $15,000


16%

$6,900
$2,400

First $75,000
Next $15,000


18%

$9,300
$2,700

First $90,000
Above $90,000

 

20%

$12,000

Progressive Tax Rates for Owner-Occupied Homes

Annual Value of the Property ($) Property Tax Rate Effective 1 Jan 2015 Property Tax Payable
First $8,000
Next $47,000

0%
4%

$       0
$1,880

First $55,000
Next $15,000


6%

$1,880
$   900

First $70,000
Next $15,000


8%

$2,780
$1,200

First $85,000
Next $15,000


10%

$3,980
$1,500

First $100,000
Next $15,000


12%

$5,480
$1,800

First $115,000
Next $15,000


14%

$7,280
$2,100

First $130,000
Above $130,000


16%

$9,380

Properties Exempted From Property Tax Singapore

As per the Section 6 (6) of the property tax act Singapore; certain properties are exempt from property tax if they are used exclusively for below mentioned reasons

  1. Properties promoting social development of Singapore
  2. Properties for charitable purposes
  3. Public places for religious worship
  4. Government aided public schools

Due Date for Property Tax Filing

The Inland Revenue Authority of Singapore (IRAS) is the governing authority looking after the collections, compliance and other issues related to property tax. According to IRAS guidelines, 31 January of every year is the recommended due date for filing Property Tax in Singapore.

At TaxationServices.com.sg we take pride in providing property tax services like guiding and informing you about the property tax guidelines of Singapore, along with the calculation of property tax for your convenience.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@taxationservices.com.sg

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