By: Kheng-Liang Tan
The Inland Revenue Authority of Singapore (IRAS) anounced on Monday (Nov 28) that all HDB flat owners will pay less property tax next year as the economy slows.
Owners of 3-room flats will see the biggest tax cuts of up to 51%, paying a maxiumum of $18.40 next year as compared to this year’s $37.60. Owners for other types of flats will pay the following rates:
IRAS added that almost all private residential property owners will see lower or no change in their property tax.
Tax bills will reach the owner by December and should be paid by the end of January. If one fails to do so, a penalty of 5% penalty will be applied.