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For second year running, lower property taxes for HDB owners

SINGAPORE — Housing and Development Board (HDB) flat-owners will pay lower property taxes next year for the second year running after a dip in market rentals lowered Annual Values (AVs) by about 3 per cent, the Inland Revenue Authority of Singapore (IRAS) said yesterday.

SINGAPORE — Housing and Development Board (HDB) flat-owners will pay lower property taxes next year for the second year running after a dip in market rentals lowered Annual Values (AVs) by about 3 per cent, the Inland Revenue Authority of Singapore (IRAS) said yesterday.

The lower property taxes will kick in on Jan 1. Those living in three-, four-, five-room and executive flats will save S$12 to S$14 in property taxes, while one- and two-room flat-owner-occupiers will continue to pay no property tax.

IRAS reviews the AVs, or estimated annual market rent of properties, including HDB flats, every year. The AVs are used as a basis to compute payable property tax rates.

IRAS said property tax rates were made more progressive this year, adding that owner-occupiers of HDB flats paid less property tax this year compared with last year, as the first tier of tax-exempt AV was raised from S$6,000 to S$8,000.

HDB flat-owners will receive their property tax notices and bills by the end of this month. Those who fail to arrange or make payment by Jan 31 will incur a 5 per cent penalty.

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