Property tax in Singapore is levied based on the annual value of all houses, buildings, lands and tenements included in the Valuation List. The annual value is the gross amount at which the property could reasonably be expected to be let from year to year (not the actual rental income received), though there are certain provisions in the Property Tax Act 1960 that can deem the annual value to be computed based on the estimated value of the property instead. The Valuation List contains information of the annual values of all the properties in Singapore subject to property tax and is the responsibility of the Chief Assessor to keep up to date. Property tax is levied on the owner of the property, as defined as the person who, for the time being, receives rent or is entitled to receive the rent if the premises were let to a tenant.
Different property tax rates are levied on residential properties and non-residential properties. For non-residential properties, a flat rate of 10% of the annual value is payable. Residential properties are taxed at rates which depend on the annual value of the properties, with the rate progressively increasing the higher the annual value. For residential properties, there is a further distinction between owner-occupied properties and non-owner occupied properties, with the former benefiting from lower tax rates. Owner-occupied properties are taxed at rates ranging from 0% to 16%, while non-owner occupied properties are taxed at rates ranging from 10% to 20%.
I published an article on Property Tax recently:
- “Singapore Property Tax Law as it Stands: The Rebus Sic Stantibus Principle and the Statutory Formula” (2020) 32 Singapore Academy of Law Journal 771-803
I also assisted with the following case before the Valuation Review Board (as trainee):
- HSBC Trustee (Singapore) Ltd v Chief Assessor and Comptroller of Property Tax  SGVRB 2