Annual property tax is calculated by multiplying the Annual Value (AV) of the property with the Property Tax Rates that apply to you . For example, if the AV of your property is $30,000 and your tax rate is 10%, you would pay $30,000 x 10% = $3,000.
Owner-occupied residential properties may be condominiums, HDB flats or other residential properties where the owner lives in ("occupies") the property. Owner-occupied residential properties enjoy owner-occupier tax rates.
First $8,000 Next $47,000
0% 4%
$0 $1,880
First $55,000 Next $15,000
- 6%
$1,880 $ 900
First $70,000 Next $15,000
- 8%
$2,780 $1,200
First $85,000 Next $15,000
- 10%
$3,980 $1,500
First $100,000 Next $15,000
- 12%
$5,480 $1,800
First $115,000 Next $15,000
- 14%
$7,280 $2,100
First $130,000 Above $130,000
- 16%
$9,380
First 8,000
X 0%
= 0
Next 28,000
X 4%
= $1,120
Property Tax Payable for 2015
= $3,900
Non-owner occupied residential properties may be condominiums, HDB flats or other residential properties. The owner does not live in ("occupy") the property and, therefore, owner-occupier tax rates do not apply.
The following tax rates apply to non-owner occupied properties except for those in the exclusion list.
First 30,000 Next $15,000
10% 12%
$3,000 $1,800
First $45,000 Next $15,000
$4,800 $2,100
First $60,000 Next $15,000
$6,900 $2,400
First $75,000 Next $15,000
- 18%
$9,300 $2,700
First $90,000 Above $90,000
- 20%
$12,000
Residential properties on the exclusion list will continue to be taxed at 10%.
For the existing 10% tax rate to apply, the property must have received planning approval for the above use. No application to IRAS is required.
Non-residential properties such as commercial and industrial buildings and land are taxed at 10% of the Annual Value. The owner-occupier tax rates do not apply to non-residential properties even if you have bought the properties for your own use / occupation.
54,000
X 10%
= $5,400
$ 0 $1,880
First $55,000 Next $5,000
- 5%
$1,880 $ 250
First $60,000 Next $10,000
$2,130 $ 600
- 7%
$2,730 $1,050
- 9%
$3,780 $1,350
- 11%
$5,130 $1,650
- 13%
$6,780 $1,950
- 15%
$8,730
Annual Value ($)
Tax Rate for 2014
Property Tax Payable
Property Tax Payable for 2014
10% 11%
$3,000 $1,650
$4,650 $1,950
$6,600 $2,250
- 17%
$8,850 $2,550
- 19%
$11,400
All properties were taxed at 10% of the AV. This includes HDB flats, houses, offices, factories, shop and land.
First 6,000
0
Next 59,000
4
Amount exceeding 65,000
6
From your property tax notice and bill, the tax rate applied on the property is indicated in brackets as [Owner-Occupier Tax Rates] or [Residential Tax Rates] under the “AV and Tax Rates” Column.
Alternatively, you can also check using our e-Service by logging in to mytax.iras.gov.sg with your Singpass > Property > View Property Portfolio.
The property will be subject to the property tax rates for residential properties as it is used primarily for residential purposes. Property owners are to satisfy the terms and conditions set out by URA or HDB for the home office scheme.
For landed houses used as childcare centres, approval for change of use would have been obtained from URA. They will continue to be taxed at 10%.
The residential component will be subject to the property tax rates for residential properties while the commercial component will continue to be taxed at 10%.
Yes, you have to notify IRAS in writing within 15 days from the date of the change.
Let-out or rented residential properties are investment assets and are already taxed at a higher rate than owner-occupied properties. There is scope, however, given the scarcity of land in Singapore to increase the progressivity of the tax structure for let-out residential properties by introducing more tiers of tax rates. The revision of the tax structure makes the property tax system more progressive by ensuring that higher-value properties would be subject to higher tax rates.
As opposed to income tax, which taxes the income received by a person, property tax is a wealth tax. Property tax is levied based on the value of your property, which represents part of your overall wealth. From 1 Jan 2015, due to the progressivity of the tax rates structure, you will have to pay higher property tax as your AV is high. But since you stay in your own property, you will enjoy the owner-occupier tax rates.