To add to the letter “Make property tax fairer” (July 13), it seems that the law favours property investment to owner occupation.
Mortgage interest and expenses for repairs and maintenance can be used to offset tax paid on rental income, while no such benefit exists for owner-occupiers in their property tax.
From Preeti Athavle
Source : Today – 2012 Jul 30
Comments Off on Property tax favours investors?
Posted in Tax Matters / Property Tax
Tagged Owner-occupier, Property Tax, Singapore Property Tax, Tax Negotiation and Representation
Property owners pay a tax based on the property’s estimated annual rental if it were rented out. As long as owner-occupiers perceive the tax to be based on a phantom income, rising property taxes will remain an issue.
The double-digit increases are too much and a fairer tax system for owner-occupiers is needed.
It is convenient to state that other countries adopt a similar system. As laymen, we do not know what concessions there are elsewhere or if property values are rising at the same rate as Singapore’s.
To alleviate difficulties faced by less affluent owner-occupiers, the initial tax-free element should be raised from S$6,000 to a figure more in line with the increase in property values.
From Peter Syddall
Source : Today – 2012 Jul 13
Comments Off on Make property tax fairer
Posted in Tax Matters / Property Tax
Tagged Property Tax, Singapore Property Tax
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