SINGAPORE – The Government is committed to supporting retirees, including those staying in private residences, not by lowering their property taxes but through other ways, said Senior Minister of State for Finance Chee Hong Tat on Friday.
The AV, in the meantime, is determined based on the rental transactions for comparable properties with similar attributes such as location, age and condition. Mr Chee said he understands the concerns that some retirees may face financial difficulties as a result.“We do so, not by lowering property tax rates for residential properties owned by retirees, but by supporting our seniors in other ways.”
In line with the wealth tax intent, the property tax on residential properties is levied on a progressive schedule.