• Taxation

    Property Tax

Package

Property Tax is a tax imposed on real estate properties, payable by both individuals and legal entities that own and occupy the property or hold it for investment purposes in Singapore.

Our package is designed to assist you with the process of filing for Property Tax.

S$200

Per year

Both “a la carte” and “packaged” pricings are available on demand to better fit with your evolving corporate needs.

Please note that we reserve the right to modify prices and relevant terms without prior notice – if deemed necessary by market conditions.

What is Included in this Package

Services Included (Yearly Basis):

  • 1-year Property Tax Review and Filing

Package Suitability

Legal Requirement

If you own property in Singapore, you are required by law to pay an annual property tax, regardless of whether it is occupied, rented, or vacant.

Different tax rates apply based on the property’s type and usage, such as owner-occupied residential, non-owner-occupied residential, commercial, or industrial.

Exemptions

Certain categories of properties in Singapore are exempt from property tax under the law, based on their use rather than structure.

These exemptions apply to properties used for worship, education, charitable activities, or social development, as they are deemed to contribute significantly to the nation’s growth in various areas. 

Penalties for Late Filing

Property tax in Singapore is due annually on January 31st, with a 30-day payment window from the date the tax bill is issued.

Late payments incur a 5% penalty on unpaid taxes, but owners can appeal for a waiver if they make full payment promptly or if they are first-time offenders within two years. 

Commonly Asked Questions

Property Tax Calculation:

Annual Value (AV)

The Annual Value (AV) represents the hypothetical annual rent a property could fetch if rented out, regardless of its occupancy status.

Instead of relying on actual rent collected, IRAS estimates the AV by considering factors like size, condition, location, and market rates of similar properties.

Property owners have the right to object if they believe the AV assigned to their property is inaccurate. This can be done within 30 days of receiving a Valuation Notice, with an option to appeal if the objection is not upheld.

Property Tax Rate

IRAS classifies properties into three main categories: owner-occupied residential, non-owner occupied residential, and commercial/industrial.

To alleviate tax burdens, IRAS implements tiered tax rates based on property values, with higher-value properties incurring higher tax rates.

For example, an owner-occupied property with an AV of SD$30,000 would have the first SD$8,000 taxed at 0%, while the subsequent SD$22,000 would be taxed at 4%.

Owner-occupied Residential Property

This category includes properties where the owner resides, such as condominiums, HDB flats, and private residences.

The property tax rate varies from 4% to 16%, escalating with the total AV. Starting January 2023, properties exceeding an AV of S$200,000 will face a tax rate of 23%, but this rate only applies after deducting the first SD$100,000.

Non-owner Occupied Residential Property

These non-owner-occupied properties, rented out for residential purposes, are subject to distinct tax rates.

Whether private or public housing, these properties are taxed starting from the first deduction, with rates ranging from 10% to 20% of the AV.

Commercial or Industrial Property

They refer to properties utilized for commercial or industrial activities such as registered offices, warehouses, and factories.

Consequently, IRAS applies a flat property tax rate of 10% based on the AV of the property.

INQUIRY FORM

–

TAXATION 

(Property Tax)

Please complete the Inquiry Form below to receive tailored assistance for your business operations and corporate needs from BESO.

Our team of experienced advisors will promptly reach out to you.

Thank you for your interest!

BESO Corporate Services PTE LTD

hello@beso.sg

60 Paya Lebar Road, #07-54 Paya Lebar Square, Singapore 409051

+65 6303 4429

+65 9248 0866

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