Property tax changes benefit low income earners: PropNex

PropNex CEO Mr Mohamed Ismail said the Budget 2010 aims to level the playing field further, especially for the lower-income bracket households.

Commenting on Finance Minister Tharman Shanmugaratnam’s announcement of a progressive property tax structure for all owner-occupied residential properties, Mr Ismail said, "The progressive tax rate is a fairer method of taxing residential properties, which will benefit many Singaporeans while not having a negative impact on the property market."

"The Government has done well in taking a page from the Income Tax book," commends the CEO.

With the progressive property tax rate, only properties with an Annual Value exceeding $77,000 will see an increase in their property taxes -- equating to only 3 percent of private property owners or 0.4 percent of all property owners in Singapore.