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SINGAPORE — Most people living in three-room flats, and all of those in larger flats, will pay higher property tax next year following a revision of annual values of Housing and Development Board (HDB) flats. The Inland Revenue Authority of Singapore (Iras) said in a press release on Wednesday (Dec 1) that it will revise the annual values of HDB flats upwards by 4 per cent to 6 per cent on Jan 1 next year. The annual value is the estimated annual rent of the property if it were to be leased. It is determined based on the market rents of comparable properties. The revision will be in line with the increase in market rentals and is part of its annual review of properties to compute the property tax payable, Iras said. The property tax payable is derived by multiplying the property tax rate with the annual value of the property. With the revision: About 65 per cent of the owner-occupiers of three-room flats will pay between S$8.80 and S$14.40 yearly in additional property tax Owner-occupiers of four-room, five-room and executive flats will pay between S$21.60 and S$26.40 more yearly One-third of three-room flat owner-occupiers will continue to pay no property tax All one-room and two-room flat owner-occupiers will continue to pay no property tax The annual value was last revised in 2017. “However, with the rising market rents of HDB flats this year, the annual values of all HDB flats will need to be revised upwards from Jan 1, 2022,” Iras said. Private residential property owners will also see an increase in their annual values next year, it added. The hike in property tax came a day after the National Environment Agency announced that it will increase the fees for refuse collection for public and private homeowners who use the public waste collection scheme. The fees will be raised by 16.7 per cent monthly. Iras said that all property owners will receive their property tax bill by the end of this month and it reminded property owners that the bills must be paid by Jan 31 next year. Property owners who face financial difficulties may approach Iras for assistance on a suitable payment plan before Jan 31. They may appeal for a longer payment plan via the Apply for Payment Plan e-Service at myTax Portal website, or contact Iras on its hotline at 1800 356 8300. Read more at https://www.todayonline.com/singapore/higher-property-tax-most-3-room-hdb-flats-all-bigger-flats-jan-1-2022-iras