Property tax to be reduced for HDB flats

The Inland Revenue Authority of Singapore (IRAS) said that it will be reducing the property taxes on those living in larger HDB flats.

The new tax will be effective from Jan 1 2015 and households can save between $42 and $54 a year compared to the prices 2 years ago.

The reason for the decrease is an adjustment on the Annual Values (AV) of properties.

AV is the estimated amount of money that one could receive if they rented out their property.

IRAS explained this move was to meet-up with changes in the rental market, which saw drops recently.

Those owner-occupiers of 1 and 2 room flats will continue to be exempt from property tax.

IRAS will contact all homeowners by mail within this month to notify them of the taxes which must be paid.

The following is a table of tax savings:

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