Lower property taxes for HDB flats in 2015

HDB flat owners will be paying lower property taxes next year, as a dip in market rentals lowers by 3 per cent the annual values that owners pay taxes on.

This, combined with the more progressive taxes that kicked in since this year, means that HDB residents will save between S$42 and S$54 in taxes next year, compared to two years ago, said the Inland Revenue Authority of Singapore on Monday.

The tax authority reviews the annual values - the estimated annual market rent - of all properties every year. Property taxes for HDB flats are calculated by applying the property tax rates on annual values.

Those who own and occupy one- and two-room flats will continue to not pay any property tax.