A Singapore Property tax is a tax levied on properties in Singapore. This includes all types of properties such as HDB flats, factories, offices and vacant land. If you or your business owns property, you are liable to pay property tax.
The amount of property tax you have to pay per year is a percentage of the Annual Value of the property which you own. The Annual Value is the estimated yearly rent the property can fetch if it were rented out. The tax rate for owner-occupied residential property is 4% per year. The tax rate for all other properties is 10%.
Property taxes must be paid by 31st January each year. The Inland Revenue Authority of Singapore (IRAS) will compute the annual tax you need to pay and send you the bill in December. Instructions on how to pay property tax are also included in your bill.
Rebates, Relief, Refunds
In order to help keep taxes affordable, encourage certain types of land development and meet business needs, the Government gives out rebates, reliefs and refunds to property owners. For example, if your property has been continuously vacant for at least 30 days or 1 calendar month because of repairs or the inability to find a tenant, you can claim for a refund of property tax for that period.
Property Tax Exemptions
A building is only exempt from property tax if it is used exclusively:
· as a public place of worship
· as a public school
· for charitable purposes
· for purposes that promote the social development of Singapore
