Friday, March 1, 2013

Budget 2013: What does this mean for the property market?

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)

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