{"id":487,"date":"2023-05-16T13:32:07","date_gmt":"2023-05-16T05:32:07","guid":{"rendered":"https:\/\/www.99.co\/singapore\/glossary\/?p=487"},"modified":"2023-05-16T13:39:20","modified_gmt":"2023-05-16T05:39:20","slug":"property-tax-rate-in-singapore","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/glossary\/property-tax-rate-in-singapore\/","title":{"rendered":"Property tax rate in Singapore"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>What is the property tax rate?<\/strong><\/h2>\n\n\n\n<p>In Singapore, the property tax applies to the owner of a property, whether it is occupied by the owner, leased out, or unoccupied. However, a trustee or designated agent responsible for overseeing a rental property and collecting rent on behalf of the owner is exempted from property tax.&nbsp;<\/p>\n\n\n\n<p>Tenants, on the other hand, are not required to pay property taxes, although they may not be eligible for certain government schemes if they reside in a property with a high Annual Value (AV).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who pays the tax when there is more than one property owner?<\/strong><\/h2>\n\n\n\n<p>When there are multiple owners of a property, the Inland Revenue Authority of Singapore (IRAS) considers the division of the property tax share a private matter. IRAS is not concerned about who pays the tax as long as it is paid, but they have the legal authority to pursue any or all property owners for unpaid dues.&nbsp;<\/p>\n\n\n\n<p>However, IRAS will always contact the owner whose name appears first in the property deed for all communication purposes, including payment reminders and refunds.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How is property tax calculated?&nbsp;<\/strong><\/h2>\n\n\n\n<p>Your payable property tax is calculated by multiplying the property&#8217;s AV by the current property tax rate. The various rates and brackets also depend on whether the building is owner-occupied or not.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What types of property tax rates are out there?&nbsp;<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Owner-occupier property tax rate&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>Under the new tax system, any property that has an AV of less than S$8,000 will not have to pay property taxes. Additionally, for homes with AVs up to S$59,000, the amount of property tax payable will either be reduced or eliminated when compared to the tax payable under the previous system.&nbsp;<\/p>\n\n\n\n<p>These new rates came into effect on January 1st of both 2014 and 2015.<\/p>\n\n\n\n<ol class=\"wp-block-list\" start=\"2\">\n<li>Non-owner-occupier property tax rate&nbsp;<\/li>\n<\/ol>\n\n\n\n<p>This tax applies to residential buildings that are not occupied by their owners and do not include residential land.&nbsp;<\/p>\n\n\n\n<p>Previously, the property tax rate for non-owner-occupied domestic properties was a flat 10%, but now it will be based on a progressive scale ranging from 10% to 20%.&nbsp;<\/p>\n\n\n\n<p>This new system was implemented on January 1, 2014. Residential properties that are owned and occupied will still be subject to lower taxes than those that are not.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Why are non-owner-occupier property tax rates higher than owner-occupier property tax rates?&nbsp;<\/strong><\/h2>\n\n\n\n<p>The tax rates for owner-occupied properties have been reduced in Singapore in order to encourage homeownership.&nbsp;<\/p>\n\n\n\n<p>Additionally, residential properties that are rented out or leased are categorised as investment assets. As such, they are subject to higher taxation compared to properties that are owned and occupied by their owners.&nbsp;<\/p>\n\n\n\n<p>The tax system is designed to ensure that properties with higher values are charged higher tax rates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What happens if I own more than one property?<\/strong><\/h2>\n\n\n\n<p>You only pay owner-occupier tax rates for one of your properties, which should be the property you own and live in. If you own a second property, even if used as a vacation home, it will be taxed at the non-owner-occupier residential tax rate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>If I change my residential home to non-residential use, do I need to notify IRAS?&nbsp;<\/strong><\/h2>\n\n\n\n<p>Yes, you must give IRAS written notice within 15 days of the change&#8217;s date.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is the property tax rate? In Singapore, the property tax applies to the owner of a property, whether it is occupied by the owner, leased out, or unoccupied. However, a trustee or designated agent responsible for overseeing a rental property and collecting rent on behalf of the owner is exempted from property tax.&nbsp; Tenants,&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[92],"tags":[],"class_list":{"2":"type-post","7":"entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.7 (Yoast SEO v25.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Property tax rate in Singapore Definition, Understanding and Why Property tax rate in Singapore is Important?<\/title>\n<meta name=\"description\" content=\"Property tax rate in Singapore is an important term that helps you understand real estate industry better. Find the definition and importance of Property tax rate in Singapore here, we have simplified it for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/glossary\/property-tax-rate-in-singapore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Property tax rate in Singapore\" \/>\n<meta property=\"og:description\" content=\"Property tax rate in Singapore is an important term that helps you understand real estate industry better. 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