Annual value of land and land under construction – Warehouse for sale in Singapore
- AV = 5% of est. value of land
- Calculation: Vacant land with area of 1,000m2 sold at market value of $2,000/m2. Calculate property tax payable.
For home owners (HDB, private apartments, landed homes)
- Prior to year 2011, residential properties granted owner-occupier concession are taxed at 4% instead of 10%. warehouse for sale in Singapore.
- As announced in Budget 2010 on 22 February 2010, a new Progressive Property Tax Regime (PPTR) with three tiers of tax rates for residential properties granted owner-occupier concession will be introduced with effect from 1 Jan 2011. This three-tier tax rate will replace the flat 4% tax rate as follows:
- 0% for the first S$6,000 of Annual Value (AV);
- 4% for the next S$59,000 of AV;
- 6% for the balance of AV in excess of S$65,000.
Rented residential properties and other properties such as commercial properties are still subjected to tax rate of 10%. warehouse for sale in Singapore.
Conditions for Progressive Property Tax Regime (PPTR)
- Only to individual owners
- Only on one dwelling
- Owner must occupy the dwelling house used for residential purpose only
- Married couple eligible for only one dwelling. For example, if husband and wife each buys different properties under sole name, PPTR can only be applied to one residential property regardless whether others are rented out or not. Warehouse for sale in Singapore.
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