Many people here dream of owning an investment property for passive rental income. But in the face of higher property taxes, inflation and rising mortgage rates, will such properties continue to be attractive to investors and landlords?
First of all, the higher tax rates will likely impact rental properties in the luxury segment more than other properties. From 2023, property taxes for non-owner-occupied properties, including tenanted or investment properties, will be raised across the board from 10 to 20 per cent to 11 to 27 per cent. Taxes will be hiked further to 12 to 36 per cent in 2024.
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