Lower property tax next year for owners of bigger HDB flats: Iras

HDB blocks in Tanglin Halt. Owners residing in Housing Board flats will enjoy a reduction in their property tax in 2015 compared to this year, said the Inland Revenue Authority of Singapore on Monday. -- ST PHOTO: CAROLINE CHIA
HDB blocks in Tanglin Halt. Owners residing in Housing Board flats will enjoy a reduction in their property tax in 2015 compared to this year, said the Inland Revenue Authority of Singapore on Monday. -- ST PHOTO: CAROLINE CHIA

SINGAPORE - Owners residing in Housing Board flats will enjoy a reduction in their property tax in 2015 compared to this year, said the Inland Revenue Authority of Singapore (Iras) on Monday.

This comes as the Annual Values of three-, four-, five-room, and executive flats will be lowered from January by about 3 per cent to reflect the dip in market rentals.

Along with the implementation of more progressive tax rates this year, the latest revision in Annual Values means that HDB residents will save between $42 and $54 in taxes in 2015, compared to two years ago, said the Iras.

One- and two-room HDB flat owner-occupiers will continue to pay no property tax.

yeosamjo@sph.com.sg