Don’t spare asset-rich, cash-poor private homeowners from paying higher property taxes
If needed, property tax rises for elderly owner-occupiers can accrue as an amount payable
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IN BUDGET 2022, wealth taxes were hiked to generate revenue as well as recirculate a portion of the wealth stock into the economy and in so doing, mitigate social inequalities.
Among others, adjustments were made to property tax, which is the principal means of taxing wealth. The property tax rates for all non-owner-occupied residential properties were raised. And property tax was increased for higher-end owner-occupied homes.
Fast forward to today, and owner-occupiers of homes have received some relief but not non-owner-occupiers.
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