Property tax is computed as follows:
Property tax payable yearly = Annual Value X Tax Rate
Hence if the Annual Value is $24,000 and the tax rate is 10%,
Property Tax payable = $24,000 X 10%
= $2,400 yearly
The current tax rate is 10%. However, the property tax payable may be lower if you are eligible for owner occupier tax rates or any tax concession or relief. The owner-occupier tax rates based on the Annual Values (AVs) of your building are as follows:
| Annual Value ($) |
Tax Rate (%) |
| First 6,000 |
0 |
| Next 59,000 |
4 |
| Amount exceeding 65,000 |
6 |
Computation of Tax Payable
| Annual Value ($) |
Tax Rate (%) |
Tax Amount ($) |
First 6,000
Next 59,000 |
0
4
|
0
2,360
|
First 65,000
Amount exceeding 65,000 |
-
6
|
2,360 |
If you own and occupy your home which is currently taxed at 10%, you may apply for the owner occupier tax rates.
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Computation based on owner-occupier tax rates
Example 1: AV of your house is $9,000
| Property Tax payable is: |
First $6,000 X 0% |
= $ 0 |
| |
Next $3,000 X 4% |
= $120 |
| Tax payable: |
= $120 |
Example 2: AV of your house is $24,000
| Property Tax payable is: |
First $6,000 X 0% |
= $ 0 |
| |
Next $18,000 X 4% |
= $720 |
| Tax payable: |
= $720 |
Example 3: AV of your house is $84,000
| Property Tax payable is: |
First $6,000 X 0% |
= $ 0 |
| |
Next $59,000 X 4% |
= $2,360 |
| |
Remaining $19,000 X 6% |
= $1,140 |
| Tax payable: |
= $3,500 |
New! Budget 2013 Changes
The Government announced the introduction of progressive tax rates for all residential properties from 1 Jan 2014 and 1 Jan 2015. See revised rates below.
A) Progressive Tax Rates for Residential Properties (Exclude residential land)
|
Progressive Tax Rates |
| Annual Value($) |
Effective 1 Jan 2014 |
Effective 1 Jan 2015 |
| First 30,000 |
10% |
10% |
| Next 15,000 |
11% |
12% |
| Next 15,000 |
13% |
14% |
| Next 15,000 |
15% |
16% |
| Next 15,000 |
17% |
18% |
| AV in excess of $90,000 |
19% |
20% |
B) Progressive Tax Rates for Owner-Occupied Homes
|
Progressive Tax Rates |
| Annual Value($) |
Effective 1 Jan 2014 |
Effective 1 Jan 2015 |
First 8,000
|
0% |
0% |
| Next 47,000 |
4% |
4% |
| Next 5,000 |
5% |
6% |
| Next 10,000 |
6% |
6% |
| Next 15,000 |
7% |
8% |
| Next 15,000 |
9% |
10% |
| Next 15,000 |
11% |
12% |
| Next 15,000 |
13% |
14% |
| AV in excess of $130,000 |
15% |
16% |