HDB flat owners to pay for less taxes in 2017

Three-room flat owners will only have to pay $18.40 in tax.

The Inland Revenue Authority of Singapore has announced the tax rates for HDB flat owners for next year. The new matrix revealed that almost all private residential property owners will see lower or no change in their property tax in 2017.

For property holders owning one- and two-room flats, no property tax will be imposed next year.

Meanwhile, three-room flat owners will only have to pay for around $0 to $18.40, compared to the $37.6 property tax last year.

Four-room and five-room flat owners will be required to pay $52.00 - $100.00 and $83.20 - $131.20, respectively. Executive flats will be taxed with $95.20 to $143.20.

All property owners will be receiving their property tax bills by end December and they are reminded that the property tax for next year is payable by the end of January.

"IRAS reviews the Annual Values (AVs) of properties annually to ensure that they reflect prevailing market rentals," the institution said.