Property Tax for EC

[Deathstrike]

Can advise how much is the property tax for a 3 bedders 100 sqm EC?

 

[kyteo79]

Can advise how much is the property tax for a 3 bedders 100 sqm EC?

Boss dun joke leh ...

Why not go IRAS website and check they will tell you ...

hahaha ...

Simply to answer yr unknown location ...

check what is the rental income for your unit. then go iras website and check with their calculator ...

if you stay yourself will be cheaper ... also in iras website..

jialat what dun ask iras when u pay tax ?

pay tax and ask forum then iras shake leg ?

 

[Deathstrike]

Y u so bad....i not yet pay ppty tax for ec. Now still stay hdb. Looking to upgrade.

 

[kyteo79]

Y u so bad....i not yet pay ppty tax for ec. Now still stay hdb. Looking to upgrade.

Boss ... it is dependent on rentals or own stay ...
2 different tax rates

+++

if your new ec then they will use nearby rents to calculate ...
go take a look at the iras web then use p.guru check nearby rentals and agar ..

Now i stay changi tents ...

 

[notti_me]

Shd be ard 450-500+ depending on area

 

[henrylbh]

Y u so bad....i not yet pay ppty tax for ec. Now still stay hdb. Looking to upgrade.

You not concerned with maintenance fee? Don't ever believe what the developers tell you. The developer told me it's $180 pm for 2 bedder, but the actual came to $240 and then increased to $280 after 2 years. Property tax was $600 but now $540.

 

[jouhyo]

You not concerned with maintenance fee? Don't ever believe what the developers tell you. The developer told me it's $180 pm for 2 bedder, but the actual came to $240 and then increased to $280 after 2 years. Property tax was $600 but now $540.

Think if can afford EC, maintenance fee shouldn be a concern. HDB shelter parking fee is ady $110. So with town council fee and etc, is comparable but you have a gym and swimming pool to go to anytime at your discretion.

 

[YuoriFighter]

Yah.. the maintenance fees actually is reasonable.

I go outside pay gym only i can use but now my whole family can use too...
Plus swimming pool, function room, bbq pit... and also securities where lesser people may loiter around yr vicinity as only resident can come in.

Its really like paying doe the price of a honda for using lexus(quote MP said =P).

Sent from Iphone10 using GAGT

 

[notti_me]

Some EC charges for booking of facility, BBQ pit, club house etc.... so maintenance fee is purely for maintenance only

 

[kyteo79]

You not concerned with maintenance fee? Don't ever believe what the developers tell you. The developer told me it's $180 pm for 2 bedder, but the actual came to $240 and then increased to $280 after 2 years. Property tax was $600 but now $540.

P. Tax dependent on value of land ??? If rents goes up tax increases if you rent out ...

If own stay it will up too but in smaller formular ...

 

[kyteo79]

You not concerned with maintenance fee? Don't ever believe what the developers tell you. The developer told me it's $180 pm for 2 bedder, but the actual came to $240 and then increased to $280 after 2 years. Property tax was $600 but now $540.

Dun be too stingy on Maintenance fee ... why ?
if pay more, better upkeeping ... better facilities .. otherwise your condo / building management how to work ?

it is not developer who knows ...

280 for how big development ? what facilities ? any destroyers in your development ?

Better than kana fines from CISCO/HDB .. i rather give money to things i see upgraded rather than pay 100 and see nothing and see rubbish feedback or break down lifts ...

 

[YuoriFighter]

Maintenance fees reasonable lah...
Breakdown cost below to let u see..... But those no car, dun exercise like go gym, swim then its better stay HDB, share public pool & public lot or public exercise* corner lor...

We pay higher price for privilege use.
Like banking, also got priority bank isnt it.

Lets say the below:
Carpark $120/mth
Gym $100 (family of 2, use twice/week=16times)
Pool $30 (family of 4, swim once/week=16times)
Above cost already $250, havent include bus fare(taxi) go & back to gym & pool.

Function room (little sum for booking), facilities, bbq.
U see above not even yet cover the security & maintaining the landscape, cleaning, plant, walkway utilities lightings, your access pass to gate etc.
See all these cost abt $300-$350 for bigger units. So smaller unit pay $250 still ok.

This is lifestyle... Different level enjoy different luxury. I find it still back to what u pay is what u get.

Sent from Iphone10 using GAGT

 

[YuoriFighter]

Hdb carpark lot limited.
Sometime have to go far away fetch your car but condo its juz nearby downstairs & sheltered (not referring BS here... )
Therefore i still prefer private property.. as all is "private". =)

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[firerocking]

Can advise how much is the property tax for a 3 bedders 100 sqm EC?

Hi Deathstrike,

Property Tax is calculated based on the Annual Value (AV) of your property. AV is generally valued at the annual amount of rent that your property can fetch based on similar units (location, property type, size etc). AV is determined by IRAS and you may look for recent rental transactions on URA or HDB websites.

Let's say for private property rentals, you may refer to this URA website to search for recent rental stats based on the name of your EC: http://www.ura.gov.sg/realEstateIIWeb/resiRental/search.action#tab . Generally, different locations and size of EC fetches different rent per month. Assuming that your EC is 1 King Albert Park, your monthly rent is approx $2,500. In this case, a simple calculation of the flat's AV is $30,000 ($2,500x12).

To calculate your PT, you need to multiply AV x Tax Rate. Now, there are two types of PT tax rate:

1) Owner Occupied (First 8k - Non Tax, Next 47k @ 4%)
2) Non Owner Occupied (First 30k @ 10%, Next ...)

With the AV and Tax Rate, you can now estimate your PT amount

1) If it is owner-occupied, the amount is $880 ((30,000-8,000)x4%)

2) If it is tenanted, left vacant, not occupied by owners, the amount is $3,000 ($30k*10%)

Note that this calculation is based on the PT for the entire year, if you only own the property for part of the year, the amount will be apportioned accordingly. IRAS website has alot of information for reference. You may want to check it out for more examples!

http://www.hdb.gov.sg/cs/infoweb/re...enting-from-the-open-market/rental-statistics

 

[henrylbh]

Hi Deathstrike,

Property Tax is calculated based on the Annual Value (AV) of your property. AV is generally valued at the annual amount of rent that your property can fetch based on similar units (location, property type, size etc). AV is determined by IRAS and you may look for recent rental transactions on URA or HDB websites.

Let's say for private property rentals, you may refer to this URA website to search for recent rental stats based on the name of your EC: http://www.ura.gov.sg/realEstateIIWeb/resiRental/search.action#tab . Generally, different locations and size of EC fetches different rent per month. Assuming that your EC is 1 King Albert Park, your monthly rent is approx $2,500. In this case, a simple calculation of the flat's AV is $30,000 ($2,500x12).

AV is generally based on rental and iras appears to have strange ways of deriving the numbers.

In 2013, the AV of my 3rm hdb flat in Bedok was $8,700 and rental was about $1,900 to $2,000 (for size of 82sm).

My EA flat in the same vicinity was $12,000 and rental was about $3,000 (for size of 143sm). That was the last rental I collected.

But my EC flat in Senkang vicinity? AV was $24,000 and rental is about $2,500 to $2,800 (for size of 77sm only, including aircon ledge!).

Hard to understand the huge different in size, rental and location of the last 2 properties, not counting the difference in maintenance fee that would widen the net rental.

 

[Deathstrike]

Thanks for the sharing...

 

[kyteo79]

Maintenance fees reasonable lah...
Breakdown cost below to let u see..... But those no car, dun exercise like go gym, swim then its better stay HDB, share public pool & public lot or public exercise* corner lor...

We pay higher price for privilege use.
Like banking, also got priority bank isnt it.

Lets say the below:
Carpark $120/mth
Gym $100 (family of 2, use twice/week=16times)
Pool $30 (family of 4, swim once/week=16times)
Above cost already $250, havent include bus fare(taxi) go & back to gym & pool.

Function room (little sum for booking), facilities, bbq.
U see above not even yet cover the security & maintaining the landscape, cleaning, plant, walkway utilities lightings, your access pass to gate etc.
See all these cost abt $300-$350 for bigger units. So smaller unit pay $250 still ok.

This is lifestyle... Different level enjoy different luxury. I find it still back to what u pay is what u get.

Sent from Iphone10 using GAGT

not true lah ...

i prefer to give money to places where i can see where my money is throw into ....

rather then my money being sucked to places where i cannot see, feel or hear ...

 

[firerocking]

AV is generally based on rental and iras appears to have strange ways of deriving the numbers.

In 2013, the AV of my 3rm hdb flat in Bedok was $8,700 and rental was about $1,900 to $2,000 (for size of 82sm).

My EA flat in the same vicinity was $12,000 and rental was about $3,000 (for size of 143sm). That was the last rental I collected.

But my EC flat in Senkang vicinity? AV was $24,000 and rental is about $2,500 to $2,800 (for size of 77sm only, including aircon ledge!).

Hard to understand the huge different in size, rental and location of the last 2 properties, not counting the difference in maintenance fee that would widen the net rental.

hm, by right all properties should be valued based on their their monthly rent that they can fetch. But i guess IRAS values the AVs of private housing markedly higher than public housing aka HDBs.

This might sound counter intuitive but the govt should have many considerations about valuing the public properties lower. About 80% of Singaporeans stay in HDB and if they value it as per their rentals, alot of people would not be afford the property tax if they rent it out, some may be due to financial crisis. A rough guess: 3 room flat in AMK currently pays about $800 in property tax should it be rented out which is relatively high for a financial strapped owner. If they increase it wholesale, everyone will not be able to pay, especially the retirees.

As long as the AV they raise is reasonable for private properties (i.e. the rent you fetch annually is higher than AV raised), i think it's fair. If AV raised is higher than your rent, you can object with your rent as a justification.

 

[henrylbh]

hm, by right all properties should be valued based on their their monthly rent that they can fetch. But i guess IRAS values the AVs of private housing markedly higher than public housing aka HDBs.

This might sound counter intuitive but the govt should have many considerations about valuing the public properties lower. About 80% of Singaporeans stay in HDB and if they value it as per their rentals, alot of people would not be afford the property tax if they rent it out, some may be due to financial crisis. A rough guess: 3 room flat in AMK currently pays about $800 in property tax should it be rented out which is relatively high for a financial strapped owner. If they increase it wholesale, everyone will not be able to pay, especially the retirees.

As long as the AV they raise is reasonable for private properties (i.e. the rent you fetch annually is higher than AV raised), i think it's fair. If AV raised is higher than your rent, you can object with your rent as a justification.

Ha ha. But that's not the way IRAS tackle AV and PT. AV is still based on rental without differentiating public and private properties and all owners at taxed at 4% of AV. Govt simply gives exemption or rebate on first $x of AV to lower the burden instead of assigning lower AV to public housing.

 

[flashover]

Easily above 900 for 3 bedroom?