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.

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About the author

Benson Koh is a professional Real Estate realtor with SLP Realty with over 6 years of experience specializing in all forms of real estate consultancy and brokeraging of different segments from regal homes to commercial spaces. With his partner Bruce Lye, both of them heads SRI5000, one of the most dynamic team in the industry.
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