What is the property tax for a condominium valued at 1.3 million?

To determine the property tax for a condominium valued at $1.3 million, you need to consider the Annual Value (AV) of the property, which is typically the estimated annual rent that the property could fetch if it were rented out.

Here’s a step-by-step breakdown:

1. Determine the Annual Value (AV):
The AV is usually lower than the market value. For example, if the market rental for similar condos is around $3,000 to $4,000 per month, the AV could be approximately $36,000 to $48,000 per year. However, for a precise calculation, you would need the actual AV assigned by IRAS.

2. Apply the Property Tax Rates:
For owner-occupied residential properties, the tax rates effective from 1 January 2025 are as follows:
- First $12,000: 0%
- Next $28,000: 4%
- Next $10,000: 6%
- Next $25,000: 10%
- Next $10,000: 14%
- Next $15,000: 20%
- Next $40,000: 26%
- Above $140,000: 32%

3. Example Calculation:
Assuming the AV is $48,000 (a plausible figure for a $1.3 million condo):
- First $12,000: 0% = $0
- Next $28,000: 4% = $1,120
- Next $8,000: 6% = $480

Total property tax payable = $0 + $1,120 + $480 = $1,600

4. One-off Rebate for 2025:
There is a one-off property tax rebate of 15%, capped at $1,000, for owner-occupied private residential properties in 2025. If the calculated tax is $1,600, the rebate would be $240 (15% of $1,600), which is less than the $1,000 cap.

After the rebate, the total property tax payable would be $1,600 - $240 = $1,360.

This is a general example and the actual property tax may vary based on the specific AV assigned to your condominium. You can use the IRAS property tax calculator or check your property tax bill for the exact amount.