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Lower property tax helps, but retirees must pay heed to costs of owning private homes

Leslie Yee
Published Mon, Feb 19, 2024 · 05:00 AM
    • Retirees who are owner-occupiers of private homes should be mindful that costs linked to home ownership such as property tax may rise over the long term.
    • Retirees who are owner-occupiers of private homes should be mindful that costs linked to home ownership such as property tax may rise over the long term. The Straits Times

    SOME older Singaporeans are asset-rich and cash-flow-poor. A local retiree, who is over 60 years old, could be owning a private home bought years back that has since appreciated significantly in price. 

    The said retiree, whose key asset is his owner-occupied home, may lack robust sources of cash flow and struggle with paying for costs linked to owning a home, such as property tax.

    The above scenario can be viewed as a first-world problem.

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