Property tax is a tax on property, payable by whoever that has a legal or beneficial interest in the property. Usually his name is included in the valuation list as the "owner".
Where the property is being sold, the buyer and seller would usually decide on the apportionment of property tax liabilities for the year between them. Normally, the conveyancing lawyers acting for the parties would make the tax adjustments. IRAS does not apportion the tax liabilities for the parties.
FAQs
Once IRAS is notified of the property transfer, all property tax related correspondence including property tax bills will be sent to you as the new owner. As the property owner, you will be liable for all property tax on the property. Hence it is important that you, through your lawyer, enquire if there are any outstanding or future property tax liabilities, and make provisions for the seller to reimburse you for the property tax amount that is to be borne by him.
If you are buying a property that is under construction or newly completed and hence not assessed for property tax yet, you may be billed for the property tax starting from the TOP date. This is usually within one year of TOP date for residential properties. Your lawyer would usually make provisions to seek reimbursement of property tax from the seller/ developer if the property is transferred to you after the TOP date. IRAS does not apportion the tax liabilities for the parties.