We spell out what Budget 2013 means on the property front
ST701 Editorial Team - February 26, 2013
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam yesterday delivered Budget 2013, a round-up of strategies and directions for building a better Singapore, to achieve quality growth and an inclusive society.
On the property market front, the following policies were tabled:
New progressive tax structure for residential properties
For owner-occupied residential properties, the property tax rates for the bottom 99% of properties will be lowered. The remaining top 1% of homes will see a marginal increase in property tax, except for those at the top-end.
For non-owner-occupied residential properties, there will be no change in property tax rate for the bottom 67% of properties. The top 33% of properties will be charged a higher property tax rate – this increase will only be significant for high-end investment properties.
The new tax structure will be phased in over 2 years from 1 January 2014.
Rebates on Service & Conservancy Charges (S&CC)
All HDB households will receive rebates of one to three months, based on flat type.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Property Network Pte Ltd (L3007960A)