New Property Tax Computation for Home Owners from January 2011

With the latest Budget released for 2010 by Financial Minister Tharman Shanmugaratnam, property tax computation for home owners will be on a 3-tier progressive scheme.

Based on Annual Value (AV) of your owner occupied home, the tiers are as follows:-

  1. 0% on your first $6,000 of AV
  2. 4% on the next $59,000 of AV
  3. 6% on anything above $65,000 of AV

There is already a new online calculator available based on the new tax tier on IRAS website for you to computate your 2011 property tax should you be able to know the latest AV of your home.

Rationale for New Property Tax Tier

Mr Tharman explains that with a moderately progressive property tax system, together with an income tax system that collects more taxes from better-off individuals and a flat GST rate that everyone pays, will form a fair system of taxes as a whole.

And with such, this tax system will benefit most Singaporeans.

The Edge – Done Deals Between January 15 to January 22

The Edge Singapore

The Edge has released the weekly list of Singapore property transactions done between January 15th to January 22nd 2010.

Download a copy of the pdf here.

Among the Highlights

  • An apartment at District 4 Caribbean at Keppel Bay sold for $1,497 psf
  • An apartment at District 14 The Trumps sold for $952 psf
  • A terrace house at District 15 Everitt Road sold for $1,310 psf
  • A terrace house at District 9 Emerald Hill sold for $3,513 psf