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16-12-2014, 08:20 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
Only 1 in 4 private property get tax reduction
According to the Straits Times news report “Property tax cut for one in four private home owners” (Dec 11) – “Iras maintains that owners can raise objections if they believe there is an error in the annual value calculations, but a lack of good rental information has impeded some from taking that approach.
“It’s not that the process is not transparent, but that both Iras and home owners are handicapped,” said KPMG Singapore principal tax consultant Leung Yew Kwong. “It’s impossible for Iras to go into every house to assess the condition it is in, and rental information is difficult for individuals to get.”"
More home owners increase than decrease?
Someone told me that when property tax was increased in the past, it was generally increased for most property owners, but when it is reduced it is generally proportionately for less home owners.
Is this true?
Since rental has generally declined for as I understand it almost the entire property market – why is it that only one in four will get a tax reduction?
HDB – all get property tax reduction
Also, why is it that all HDB flats will get a reduction, but only one in four for private property owners?
The lowest property tax for HDB 4-room flats was $60, $77 (after rebate), $128, $100 and $85.60 in 2011, 2012, 2013, 2014 and 2015, respectively.
HDB property tax increase 113%, but rental only increase 9%?
This is an increase using 2011 as the base, of 28, 113, 67 and 43 per cent, for 2012, 2013, 2014 and 2015, respectively.
How is it possible for HDB 4-room rentals to have increased by 113 per cent in just two years from 2011 to 2013, if the property tax is pegged to rentals?
According to the HDB’s median subletting rents by town and flat type – Ang Mo Kio – 4-room rental was $2,300, $2,400, $2,500 and $2,400 in the third quarter of 2011, 2012, 2013 and 2014, respectively.
Win battles lose war
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?195865-HDB-property-tax-increase-113-but-rental-increase-9&goto=newpost).
Only 1 in 4 private property get tax reduction
According to the Straits Times news report “Property tax cut for one in four private home owners” (Dec 11) – “Iras maintains that owners can raise objections if they believe there is an error in the annual value calculations, but a lack of good rental information has impeded some from taking that approach.
“It’s not that the process is not transparent, but that both Iras and home owners are handicapped,” said KPMG Singapore principal tax consultant Leung Yew Kwong. “It’s impossible for Iras to go into every house to assess the condition it is in, and rental information is difficult for individuals to get.”"
More home owners increase than decrease?
Someone told me that when property tax was increased in the past, it was generally increased for most property owners, but when it is reduced it is generally proportionately for less home owners.
Is this true?
Since rental has generally declined for as I understand it almost the entire property market – why is it that only one in four will get a tax reduction?
HDB – all get property tax reduction
Also, why is it that all HDB flats will get a reduction, but only one in four for private property owners?
The lowest property tax for HDB 4-room flats was $60, $77 (after rebate), $128, $100 and $85.60 in 2011, 2012, 2013, 2014 and 2015, respectively.
HDB property tax increase 113%, but rental only increase 9%?
This is an increase using 2011 as the base, of 28, 113, 67 and 43 per cent, for 2012, 2013, 2014 and 2015, respectively.
How is it possible for HDB 4-room rentals to have increased by 113 per cent in just two years from 2011 to 2013, if the property tax is pegged to rentals?
According to the HDB’s median subletting rents by town and flat type – Ang Mo Kio – 4-room rental was $2,300, $2,400, $2,500 and $2,400 in the third quarter of 2011, 2012, 2013 and 2014, respectively.
Win battles lose war
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?195865-HDB-property-tax-increase-113-but-rental-increase-9&goto=newpost).