{"id":123588,"date":"2021-12-03T01:58:22","date_gmt":"2021-12-02T18:58:22","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-owners-to-face-higher-property-tax-next-year\/"},"modified":"2021-12-03T10:18:37","modified_gmt":"2021-12-03T03:18:37","slug":"hdb-owners-to-face-higher-property-tax-next-year","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-owners-to-face-higher-property-tax-next-year\/","title":{"rendered":"HDB owners to face higher property tax next year"},"content":{"rendered":"


\nThe property tax payable will increase next year,\u00a0alongside the revision of the annual value (AV) of HDB flats by 4% to 6%.
\nMost owners of three-room and larger Housing and Development Board (HDB) flats will have to face higher property tax next year.
\nThis comes as the Inland Revenue Authority of Singapore (IRAS) announced on Wednesday (1 December) that the annual values (AVs) of HDB flats will be revised upwards by 4% to 6%, in line with the hike in market rentals.
\nTo take effect from 1 January 2022, the revision is part of the authority\u2019s annual review of properties to determine property tax payable.
\n\u201cThe property tax payable is derived by multiplying the property tax rate with the AV of the property,\u201d said IRAS.
\nWith the revision, all one- and two-room owner-occupiers will not be required to pay property tax.
\nSimilarly, one in three three-room owner-occupiers of HDB flats will not also be required to pay such tax.
\nMeanwhile, around 65% of three-room owner-occupiers \u201cwill each pay between $8 and $14 more annually, while the four-room, five-room and executive flats owner-occupiers will each pay between $21 and $26 more annually for property tax in 2022\u201d.
\nIRAS explained that the AV is the property\u2019s estimated annual rent if it were rented out and is determined based on comparable properties\u2019 market rents.
\n\u201cThe AVs of HDB flats had remained unchanged since its last revision in 2017. However, with the rising market rents of HDB flats in 2021, the AVs of all HDB flats will need to be revised upwards from 1 January 2022,\u201d it said.
\nIt pointed that owner-occupiers enjoy concessionary property tax rates of between 0% and 16%, while those who rent out their flats face property tax rates of between 10% and 20%.
\n\u201cThe tax rates are progressive, with higher value properties being taxed at higher rates,\u201d said IRAS.
\n\u201cThe applicable tax rates for HDB flats are up to 4% for owner-occupied flats and 10% for non-owner-occupied flats.\u201d
\nThe property tax bills will be received by property owners by end-December this year.
\nIRAS reminded property owners to pay their property tax for next year by 31 January 2022.
\n\u201cThere will be a 5% penalty imposed for property owners who fail to pay or have not arranged to pay their tax via GIRO instalments by the due date,\u201d it said.
\nThose facing financial difficulties can approach IRAS for assistance, it added.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…HDB owners to face higher property tax next year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The property tax payable will increase next year,\u00a0alongside the revision of the annual value (AV)...<\/p>\n","protected":false},"author":1,"featured_media":123589,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Ghim-Moh-panorama-Singapore.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w9m","jetpack-related-posts":[{"id":36326,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-flat-owners-to-enjoy-lower-tax-rates-in-2017\/","url_meta":{"origin":123588,"position":0},"title":"HDB flat owners to enjoy lower tax rates in 2017","date":"November 29, 2016","format":false,"excerpt":"\r HDB flat owners will benefit from property tax cuts next year. 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