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Thread: Property Tax

  1. #1
    Join Date
    Jan 2008
    Posts
    190

    Default Property Tax

    How much should i pay my property tax on my condo ? If my unit is vacant and will be vacant at least for the next 12-18months? Do you think IRAS will allow me to do a property refund?

    As a clause in the letter "if a property is vacant for at least 30days or a calender month, you may apply for refund for a vacant period if the property is intended for letting and no tenant could be found despite reasonable efforts to do so or the property is undergoing repairs to make it fit for occupation"

    If i could not find a suitable contractors for works it's obviously non-livable.........think they'll let me refund? Thks.

  2. #2
    Join Date
    Jan 2008
    Posts
    63

    Default

    The so call clause "Refund" it is only for investment property (meant to rent out).

    There is no such thing as non-livable. Every NRIC is entitled to 1 owner occupation concession. Don't even need change of address. As long as u claim owner occupation, u wil get the 4%. But this means if u existing have owner occupation concession, means that unit have to forgo concession. Hope it helps.

  3. #3
    Join Date
    Jan 2008
    Posts
    219

    Default

    Don't really have to provide proof, just go website IRAS and apply for occupancy, whether you are staying in or not yet, they will automatically refund you 60% of the amount you paid initially, which should be at 10% of the rental valuation of your property per annumn.

    Try to apply electricity only after the refund is done. If is your first property will have no problems.

  4. #4
    Join Date
    Jan 2008
    Posts
    127

    Default

    You could inform IRAS the period of your reno and moving in date.
    Example if i get my house in July and then renovate to Oct (not fit for living in), then i inform IRAS to let me pay 4% from July to Oct then on 1st Nov i quickly change address so that i get 4% on my private property and 10% on my flat.

  5. #5
    Join Date
    Jan 2008
    Posts
    560

    Default

    Got my refund for property tax called and ask that now i demolish from the front wall how to live in it? if no one can live in it and not possible to rent then i shouldn't be paying tax, they said ok pay first and they'll look into it. So really can refund partially since construction takes 10-11months.

    Guess if u never ask u'll never know.

  6. #6
    Join Date
    Jan 2008
    Posts
    331

    Default

    Here are the ways to calculate your tax rate and etc for your property:
    http://www.iras.gov.sg/irasHome/page04.aspx?id=2954

    5. Property Tax on Your Property

    Your property tax is assessed based on a percentage (Tax rate) of the Annual Value (AV) of your property.

    The current tax rate is 10% per year. If you are living in your house, you may apply for owner-occupier concession. You need to log in to myTax Portal with your SingPass to Apply for Owner-Occupier Concession . Residential properties granted with owner-occupier concession are taxed at 4% instead of 10%.
    Example:

    If the Annual Value of your house is $24,000
    Property Tax payable at 10% = $2,400 per year

    If you qualify for owner-occupier conession
    Property Tax payable at 4% = $960 per year

  7. #7
    Join Date
    Jul 2012
    Posts
    17

    Default

    The property tax is particular value of property which was paid by owner to government. The property is adjourned to accord it a value, and again that bulk is taxed. Identify the taxable market value of the commercial property in question, Determine the tax capacity for the commercial property

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