Do all types of Singaporean homes pay the same amount in property taxes?
All types of single-family residences in Singapore are subject to the same property tax rates, regardless of whether they are flats, condos, or landed properties like townhouses, detached homes, or bungalows. According to Lewis Cha, COO and executive director of List Sotheby’s International Realty, Singapore, only Singapore nationals are permitted to acquire landed properties, however, anybody may buy an apartment or condominium like Dunman Grand but before must visit Dunman Grand Showflat.
He said that the yearly value of a property is used to calculate the property tax. “Annual value of a property is defined as the estimated gross annual rent of the property if it were to be rented out,” he stated. Residential properties having a higher yearly assessed value are subject to a higher tax rate. That means increased property taxes for those who live in mansions and mansion-like cottages.
A reduced tax rate applies to homes that are used by their owners. In 2023, property taxes on an owner-occupied home valued at S$100,000 (US$74,451) each year would be S$8,730. The mortgage for a second house with the same value is S$19,650. The proportion of the property’s worth that must be paid in taxes rises with each successive valuation tier. You may get the most recent property tax rates and a property tax calculator online at the Inland Revenue Authority of Singapore’s webpage.
“all buyers of any type of residential property must pay Buyer’s Stamp Duty, which is based on the price or market value of the property,” Mr. Cha said, adding that this is in addition to yearly property taxes. After February 15, 2023, a 6% tax will be imposed on the part of a property’s value beyond S$3 million, and a 5% tax will be imposed on the component above S$1.5 million.
He said that certain purchasers would have to pay a higher amount of stamp duty on top of the standard rate. Whether or not the buyer must pay the additional tax depends on several criteria, such as whether or not they are a Singaporean citizen, permanent resident, or foreigner, the number of residential properties they own, and whether or not they are held in a living trust.
Due to the COVID-19 pandemic, The Gazania Showflat is also open for online booking. You can also register online to receive direct developer discount offers and prices.
