Singapore – Starting from 1 January 2024, the annual values (AV) of most private residential properties and Housing and Development Board (HDB) apartments like Treasure at Tampines will increase, leading to a rise in property tax (PT) in Singapore.
To account for the increase in market rents on Treasure at Tampines Site Plan, property owners are required to raise the AC when calculating the PT due of Treasure at Tampines Showflat.
The Inland Revenue Authority of Singapore (IRAS) stated in a statement on Thursday (30 November) that the second and final stage of a previously planned PT rate rise would take effect from 1 January 2024. This was originally announced during Budget 2022.
Concerned about the rising cost of living, the government has decided to provide a one-time PT refund of up to 100% for all owner-occupied residential properties in order to mitigate the effects of the PT hikes. “The rebate is tiered to ensure that our PT regime remains progressive, and those with greater means pay their fair share of taxes,” according to IRAS.
Before the end of December 2023, all property owners in Singapore will get their PT invoices. “IRAS would like to remind all property owners to pay their 2024 PT by 31 January 2024,” said IRAS. “There will be a 5 per cent penalty imposed for property owners who fail to pay or have not arranged to pay their taxes via GIRO instalments by the due date.”
Property owners were urged by IRAS to join GIRO so they could take advantage of up to twelve interest-free monthly installments or choose a one-time deduction.
If a property owner is having trouble making their payments, they may get in touch with IRAS for help finding a reasonable payment plan before January 31, 2024. By using their Singpass or Singpass Foreign User Account, property owners have the option to appeal for an extended payment plan via the ‘Apply for Payment Plan’ e-Service on the myTax Portal.
