Budget 2013: More progressive property tax rates for Singaporean households
To make the tax system more progressive, the Government is raising property tax rates for high-end residential properties, with the largest increases applying to investment properties that are not occupied by their owners.
The majority of owner-occupied homes will have lower tax rates.
"This is fair," said Minister of Finance Tharman Shanmugaratnam in his Budget speech on Monday.
"The property tax is a wealth tax and is applied irrespective of whether lived in, vacant or rented out. Those who live in the most expensive homes should pay more property taxes than others."
To make the tax system more progressive, the Government is raising property tax rates for high-end residential properties, with the largest increases applying to investment properties that are not occupied by their owners.
The majority of owner-occupied homes will have lower tax rates.
"This is fair," said Minister of Finance Tharman Shanmugaratnam in his Budget speech on Monday.
"The property tax is a wealth tax and is applied irrespective of whether lived in, vacant or rented out. Those who live in the most expensive homes should pay more property taxes than others."
