The Inland Revenue Authority of Singapore (IRAS) will be revising the Annual Values (AV) of HDB flats and most other properties from January 1.
Most AVs will be revised upwards to reflect the current rentable values of these properties, and property tax computation will be affected. All owner-occupied residential properties, however, will receive a tax rebate of up to S$100 per year in 2008 and 2009 as part of the Goods and Services Tax Offset Package announced in this year's budget.
HDB owners will receive their valuation notices and property tax bills by January 1. Those paying property tax will receive an additional "Guide to Property Tax" brochure.
HDB flats in areas such as Bishan, Bukit Merah and Marine Parade generally have higher AVs. - CNA/ac
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