What are the property taxes in Singapore

Property tax in Singapore is a wealth tax imposed on immovable properties. It is payable yearly in advance and must be paid by the owners of the properties by 31st January each year. If not paid on time, a penalty of 5% of the outstanding sum is imposed. The property tax payable per year is based on a percentage of the annual value of the property, which refers to the annual rental value of the property. This annual rent excludes the rent for furniture, fittings, and service charges. The tax is not based on the capital value of the property or the value of the site it occupies.

The Inland Revenue Authority of Singapore (IRAS) acts as the agent for the Government to assess, collect, and enforce payment of taxes. The Property Valuation and Assessment Division of the IRAS is responsible for the assessment of properties for property tax in Singapore. The Comptroller of Property Tax heads the collection of property tax, giving rebates, etc.