(Reference: www.iras.gov.sg)

In Singapore, property tax on the ownership of property is based on the gross annual value of the property.

The gross annual value is determined on the hypothetical assumption that the property is vacant and to be let.

In most instances, the lawyers would apportion the tax liability for the seller and the buyer during the completion of sale of the property.

For brand new property, it is liable for property tax from the date of issue of the Temporary Occupation Permit (TOP).

By Eileen Tan and Ui Wei Teck, property investors and authors of Enjoying Mid-Life Without Crisis. This tip and dozens more are from their book.

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