Homeowners to enjoy lower property taxes as home values drop

HDB taxes will be much lower.

The Inland Revenue Authority of Singapore (IRAS) today revealed that mowst homeowners will enjoy lower property taxes, as the annual values of real estate drop in line with rents.

All owners of HDB flats will pay lower or no property tax next year, the IRAS said.

HDB owners will see tax savings of 9 to 24 per cent. All 1- and 2-room HDB flat owner-occupiers and 28,200 3-room HDB flat owner-occupiers will not have to pay any property tax when the revised annual values take effect from Jan 1 next year, the IRAS added.

Meanwhile, over 80% of private property owners will see tax savings of between 3 and 20%.

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